Racing higher
The EURUSD has raced above the 2017 high at 1.15826, the natural 1.1600 level, and also above the old trend line (that line was breached on Tuesday but failed). The pair has also moved above the 2016 high price at 1.16156. The high just peaked at 1.1630. We are quickly back to 1.1615 currently after the trigger of the stops. The 2015 high comes in at 1.1711 and will be the next target (there is not much resistance) .
Support will now be eyed at the 1.1600 area and then the old 2017 high at 1.15826.
Looking at the 5 minute chart, the recent leg higher has the 1.1585-96 as the 38.2-50% retracement of the trend leg higher. That helps to support the 1.1600 and 1.15826 as support/risk areas for longs now.
What does the longer term view look like?
Looking at the weekly chart below, the 2015 high is the next target at 1.1711. Above that, the 38.2% of the move down from the 2014 high comes in at 1.1735 and the 200 week MA is at 1.1803. The price has not traded above the 200 week MA since August 2014.
