The EURUSD has moved to a new week high and high going back to August 10. The next key target is that August 10 high at 1.10648. The high price today reached 1.10395 today. A move above 1.10648 will have traders targeting a swing area on the daily chart between 1.1095 and 1.11346 (see red number circles on the chart above).
Looking at the hourly chart, close support now comes in between 1.1000 and 1.1016. Swing highs from the end of November and December 14 came in at 1.10164 and 1.1008 respectively. The natural support at 1.1000 is another support target that traders will likely eye for support. On the weird dip after the PCE data today stalled at 1.1001 – just above the natural support at 1.10000.
Moving below those levels and there will likely be more downside corrective probing at least in the short term.
For now, however, the buyers are in firm control in the EURUSD.
This article was written by Greg Michalowski at www.forexlive.com. Source