Forex Trading: EURUSD Moves Higher..reaches 1st Target Level. Does It Have The Legs?
The EURUSD traded 5 hours above and below the 100 and 200 hour moving average. The 6th hours started to use the 200 hour MA as support and the market started to squeeze to the upside. The price action has seen the price move from 1.3560 to a new intraday high at the 1.3621. This is above the midpoint of the 2 week trading range. The next target comes in at the 1.3654 level.
The question is “Does the market have the legs to push higher?” The high for the day prior to the last push came in at 1.3598. Watch this level. Holding it could lead to a new push higher. On a break below, watch for support at 1.3577.
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