EURUSD surges towards 1.1000 level, opening the foor for more upside momentum

The EURUSD – coming into the trading day – had resistance against the 61.8% retracement of the 2023 trading range at 1.09594 (see video above).

When the price in the early North American session moved through that level without much in the way of resistance, the price extended higher and is now up-testing the 1.1000 natural target level. Above that is swing highs at 1.1008, and the high price from November at 1.10165. Move above those levels and the door opens for further upside momentum.

On the downside, risk for traders is now near the 1.0959 level. Not only is it the 61.8% retracement, but also a swing area on the hourly chart (between 1.0958 and 1.0964 – see the top yellow area on the chart below). Staying above that level keeps the buyers firmly control. Conversely, move below and we could see downside corrective probing by short-term traders on the disappointment from the break(s).

This article was written by Greg Michalowski at Source