Moves away from 1.1600 and extends the range
The EURUSD cracked above the resistance at the 1.1594-1.1604, and the sellers turned to buyers. We are running away from the resistance area and the 1.1600 level. As posted earlier, the 1.1600 is home to a lot of option expires tomorrow and on Friday. A move away could lead to some hedging momentum.
Targets now are at upper trend lines at 1.1625 and 1.1636.
The narrow trading range has been extended on the move higher. The range is now 50 pips. The 22 day average is 81 pips. So there is still room to roam.
At the start of the trading day, the range was only 37 pips. That was just too narrow. So the extension is not that surprising. A move to the highest trend line would extend the range to a more respectable 68 pips (but still light of the 81 pip average).