Moves above the 1.1209 level
The EURUSD is breaking above the 1.1209 resistance level and is making new highs for the trading day.
The 1.1209 level is the 61.8% retracement of the EURUSD historical trading range (2000 low/2008 high). The next target comes in at the 100 hour moving average (blue line in the chart below). That level currently comes in at 1.1233. The 38.2% retracement of the move down from the last Thursday high comes in at 1.1239. A move to this level would get the range for the day to 85 pips. That certainly is doable target for traders today.
Key resistance for traders this week is at the 1.1260-79. The pair used this area as a low area for the month of February (and even into the end of January). If the break last Thursday has continued support from the market, rallies toward this level should solicit selling on a test. A move above, and there should be more upside momentum.
