The EURUSD is running to the upside, making another new high for the year and high going back to March 2022. The high just reached 1.12085.
In the process, the pair is running further away from its 200-week MA at 1.1180. There was another swing level resistance at 1.1185.
The early session high reached 1.1189, and backed off. The corrective low reached 1.1161, before resuming the move back to the upside. The last 2-3 hours have been able to stay above the 1.11805 level. Close risk is now at the 1.11805 level. Stay above is more bullish.
On the top side, the next major target off the daily/weekly chart is at 1.1274. It is still 70 or so pips away, but unless the price can move back below the 1.11805 level, that’s where the pair is targeting next.
This article was written by Greg Michalowski at www.forexlive.com. Source