EURUSD extends to a new session high and in the process:
- It succeeded in breaking away from the 100-day moving average at 1.08235,
- The 61.8% retracement of the downward move from the March high at 1.08354 moved above it.
- It extends towards the next swing zone between 1.0875 and 1.0887.
A technical swing zone may give the buyer a reason to pause/take profits. If the price holds against the level, there may be a spin down towards the 100-day moving average over time. The price moves above 1.0887, and traders can return from the long side.
US data was weaker today across the board, giving inflation hawks reason to pause. However, the ECB is on track to cut interest rates sooner than the Fed. This may help limit the upside, at least for now.
Fed Kashkari talked about how the Fed is likely to remain steady for now.
EUR/USD extends to new highs