Breaks to new highs for the day

The EURUSD moved above the 1.0848 level earlier in the NY session today, and that spoiled the sellers party today. The narrow trading range coming into the New York session (66 pips), has since been extended to the upside. The range is now up to a more respectable 97 pips in the last surge higher to 1.0914. This is still way short of what is been the average of the last 22 trading days (130 or so pips). So there is still further room to roam should the bulls keep the foot on the accelerator.

Looking at the hourly chart, the pair is testing topside trendline at the 1.0913 level currently. A move above that level should solicit more buying. Close support now comes in against the 109.00 area. This was the high price from Friday's trade, and also a nice natural level to lean against. Other support for the bulls comes in at the 1.0885 level. This is the 50% of the last major intraday leg higher and also dovetails with the high from earlier. Buyers took more control at the low of this move. IF the buyers really love the EURUSD, they should support the move on a 50% correction of that surge higher.