The EURUSD is making a “break for it”, and with that has now extended the narrow trading range for the day and also moved above the 38.2% retracement of the move down from the December high to the February low. That level comes in at 1.08640 and will now be a close support level for traders in the short-term.
Staying above is more bullish.
The buyers are making a play and now need to prove (by moving higher), that they mean business and want to see the pair extend further on the break.
This article was written by Greg Michalowski at www.forexlive.com. Source