EURUSD moves to a new high for the day/week. What next?

The EURUSD has extended to a new session high and high for the week at 1.09329. The current price is trading at 1.0949.

The high price in the EURUSD reached after the US jobs report extended to 1.0931 before rotating back to the downside. That move to the downside did find support buyers near the 200-hour moving average of 1.08977. The low price reached 1.0895 before rotating back to the upside. The 200-hour moving average this week with high prices from Tuesday, Wednesday, Thursday and earlier today all finding willing sellers against that keep moving average line (see green line in the chart above). Bullish.

What next?

On the top side, the next target comes between 1.09618 and 1.09759 (see green numbered circles on the chart above). Move above that area and traders will start to re-target the high price from June at 1.10112.

US yields are moving lower which has sent the dollar down. The 2-year yield is now at 4.903% or -10.2 basis points (it’s high reached 5.03%). The 10-year yield is at 4.025% -1.5 basis points on the day (it’s high was at 4.094%)

As mentioned in the pre-NFP video, the 200 hour moving average was a key barometer today. Move above is more bullish and that is what we are seeing.

To view that video, click below:

This article was written by Greg Michalowski at Source