The EURUSD is making a “break for it” as it extends above both the 38.2% retracement of the range since the October high, and 200 hour moving average, both at 1.1567. The level is now close risk for traders. Earlier today, the price broke above a swing area between 1.1541 and 1.1546. The last 3 days has seen the price moved above those levels but quickly fail. Today the momentum continued.
So buyers are making a play. The next key target comes against the 50% midpoint of the same move down from the October high. A level comes in at 1.15976 near the natural resistance at 1.1600.
