EURUSD is targeting the swing zone
EURUSD continued its bullish run and in the process has now reached the next major swing zone between 1.09618 and 1.09759. The price has reached 1.09725. The current price is trading at 1.0966.
Upside Down took the steps outlined in the pre-hire video. In this video (see the video at the bottom of this post) I talked about the need to break above the 200 hour moving average at 1.08978, then break the highs from last Monday and the previous Friday at 1.09329, and if that gets broken, to reach the swing zone between 1.09618 to 1.09859 .
so what happened?
The price rose after the employment statistics were released. The price moved up just below level 1.09329 and then corrected downwards again towards the 200 hourly moving average at 1.08978. Support buyers came in against that level (1.0895 low reach) and turned around back to the upside.
Friday’s high was broken at 1.09329 and this momentum continues in the upside swing zone between 1.09618 and 1.09859.
As we mentioned, the highest price reached 1.09725.
Deals reached “AB-C’s”.
Possibility of a continuation of the momentum that would then target the natural resistance at 1.1000 and the high from June 22nd at 1.10112. The only caveat that might give traders a reason to pause is that the range for the day is 106 pips. The average for the last 22 days is 73 points. So the range is 146% of what was normal during the last month of trading in the pair.
It may not mean that the rally is in place but it may give some stall to the price action in the weekend and then the market can see what will happen next week (i.e. what will happen with the CPI).
Of course, if the price breaks 1.09789, the buyers are still very dominant and we will start targeting those higher levels.