Closed at 1.1319

Traders are taking the EURUSD to new NY session highs and back above the close from yesterday at the 1.1319 level. The pair is also above the midpoint of the day's trading range at 1.13186 and looks toward the day's high at 1.13396. The high from yesterday peaked at 1.13416. The range remains very low at 43 pips for the day (that is the range for the week as well). Will this rally fizzle near the day/week highs. The data today was ok. The market seems to be lacking a desire to move.

Looking at the hourly chart, the pair has moved above the trend line that started at the high from last week. The pair fell below the line after the CPI release but that fall was short lived. The low on the current bar stalled just above the broken line. So technically, the market is a a bit more bullish.

A move above the high will look toward the 1.13447 level which is the 38.2% of of the move down from last weeks high. The 100 hour MA comes in at 1.13553. The low from May 10th as at 1.1358. The 200 hour MA comes in at 1.1376.