EURUSD surges to new heights: What’s next?

The EURUSD is running higher as USD sellers exert their pressure after the weaker Richmond Fed regional index.

The EURUSD price action has now moved within a swing area between 1.1095 and 1.11346. It would take a move above that area to increase bullish bias. The next target would come at the March 2022 high price at 1.1184 .

On the downside, a move back below the low of the swing area 1.1095, and then the swing high going back to August at 1.10648 would be needed to turn buyers into sellers. Until then, the buyers hold the strongest control.

Of course, the markets are subject to less liquidity and more volatile trading conditions. So price action can be unreliable, but overall, the USD is weaker and the EURUSD is showing the way.

This article was written by Greg Michalowski at Source