The EURUSD is extending to a new high for the day and a new high for the week surpassing the swing highs from Tuesday and Wednesday near 1.0887. The high price just reached 1.08944.
The push to the upside has gotten technical fuel from the break back above the 50% midpoint of the move down from the July high to the October low. That level comes in at 1.08613 and is now close intraday support (risk-defining level) for buyers. Staying above is more bullish.
On the topside the natural resistance at 1.0900 is the next target followed by the swing high going back to August 30 at 1.09448. Above that is a 61.8% retracement of the move down from the July high at 1.09589
This article was written by Greg Michalowski at www.forexlive.com. Source