Price has moved above the 1.1342 target and looks toward 1.13757
The EURUSD is trading at new session highs and in the process has broken above the next target at the 1.1342 level. The price is now above the 1.1350 level and will next target the high from February at the 1.13757 level.
Remember, the EURUSD has moved above the 100 week MA today at the 1.1308 level. That is the first time above since August 2014 and is more bullish. We are seeing that bullishness manifest itself in the EURUSD's price action.
Having said that, by looking at the 5 minute chart the pair, you can see the pair is testing an intraday trend line at the 1.1357 level. If you think the pair has reached the peak, is due for a correction this would be a level to lean against. However, I would expect the correction to remain modest.
