New highs as London/European traders look to exit
The EURUSD is trading to a new session highs and in the process has broken above the April high of 1.2149 and trades the highest level since February 26. The next targets comes at 1.2169 and 1.2189.
Looking at the daily chart, the pair has also moved into a swing area between 1.2149 and 1.2189. There has only been one day going back to January 14 where a day high, traded above the 1.2189 level.
Drilling to the hourly chart, the pair today held above the 100 day MA and 200 hour MA, surged after the jobs report, corrected down to test 1.2100 and have pushed higher over the last 3 or so hours.
Short term risk is now at 1.2149. A move below that level and 1.2165 and then 1.2100 would weaken the technical picture on each break below those levels. For now, buyers in control and making a play with the new high going back to February 26.