Double top

The EURUSD rotated back to the upside, after correcting to trend line support on the 5 minute chart and the 38.2% retracement area at 1.09613. The move stalled, however, at the prior day's high at the 1.0989 area. The double top , and inability to pressure the all-important 1.1000 level has traders taking some profit. Trend line support was also broken. A close above the 1.0971 would be the highest close since March 5.

Can the price for the pair continue higher?

Yes. Looking at the daily chart, the price for the pair is still just scraping off the bottom. The pair is just short of testing the midpoint of the 3 month range. The one caveat is the 50% and the 1.1000 level are each within 3 pips of each other. Today, the market had enough of a daily range, so it took a breather instead. Profit takers slowed the rally. The GDP data tomorrow - although likely to have little impact on the Fed even if stronger than expectations (Est. 1.0%) - has the potential to be a market mover. A sub 1% number will have traders thinking September and perhaps beyond for liftoff. Once again for today, the economic numbers were not so great.

For the time being, I would expect the 100 bar MA to catch up with the price and the market to do some consolidation into the Asian Pacific session.