EURUSD stretches to another new high and tests a key week technical level

The EURUSD is stretching to a new high for the year, and TO a high level going back to the end of February 2022. The move to the upside has reached a key target on the daily chart near 1.1185. It is also trading around the 200 week moving average on that chart.

The gain in the pair this week is the largest since November 2022.

That may put a temporary pause on the rally.

Traders will be watching this level for clues as to the barometer of the market. If the price starts to trade more comfortably above the 1.1185 area, the buyers remain in firm control and the pair is breaking further to the upside.

Conversely, sellers may look to take some profit into the weekend against the area. If so, there is support down between 1.1095 and 1.11346 (swing area on the daily chart which was broken yesterday/today).

This article was written by Greg Michalowski at Source