EUR/USD Soars To New Highs Not Seen Since Last Semptember

The EURUSD soared to new highs not seen since September 23rd, 2008.  The high reached 1.4820.  The next historic high came in on September 22nd 2008 at 1.4866. This would be the next target.  Overall, the market is simply stepping up and stepping up.

The move higher today took out the high from last week at 1.4766.  The correction off  that high came down to the 1.4611 level which was a 61.8% retracement of the move up the prior week.  From there, the upside move was restarted.  Longer term the EURUSD has moved up from a low of 1.4191 since September 1st.

For today, look for support against the old high at the 1.4766 level.  At the area is also the 38.2% retracement of the move up from the lows today.  That level comes in at the 1.4763.    Below that level is the 100 bar MA on the 5 minute chart at 1.4757 (see chart above), and moving higher. The price has been above the 5 minute MA since 10:40 yesterday NY morning.

On the topside,  be on alert for another move above 1.4800.  There could be some stops triggered again.  Above that resistance at 1.4814 and the 1.4825 level of course.   The 1.4866 level becomes the next target level.

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