The EURUSD is extending to yet a new high at 1.0881, and in the process as reached above another target at the 50% midpoint of the move down from the July high to the October low. That level comes in at 1.08613. Stay above that level is a close risk level for traders now.
They moved below the 50% retracement is a minor setback earlier today, the price moved above both the 100 and 200-day moving averages between 1.0791 and 1.0801. It was the 1st time since the end of August that the price had been above both of those moving average levels. For buyers looking for a continuation of the USD selling, staying above the 2 daily moving averages is required.
For the day, the EURUSD is up 1.72%. That is the largest day gain going back to November 10, 2022 when the pair rose nearly 2%..
This article was written by Greg Michalowski at www.forexlive.com. Source