Trend line also broken
The EURUSD is moving into a new session high and in the process is breaking above some key technical levels:
- Trendline from the September 23 high cuts across at 1.0919 on the hourly chart above
- Swing area defined by September 3 and September 12 lows initially comes in at 1.09236 – 263
- 100 hour moving average (blue line) currently at 1.09258
Staying above those levels will keep the bulls in control intraday at least.
The targets on the topside would include yesterday’s high price at 1.0947 and the 38.2% retracement at 1.09537. Above that the 1.09654 area and the falling 200 hour moving average at 1.09707 are other upside targets.
The EURUSD fell to a new 2019 low today. in the process, the pair fell below a lower trendline at 1.08813. If the price can extend above yesterday’s high, we would have an outside day higher close with the low today being a new low for the year and going back to May 2017. That would be more bullish technically.