December 6, 2022

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EURUSD trades to highest level since January 8th as May and February highs broken

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The 100 hour MA based the currency pair yesterday. Buyers pushed the pair higher today

The EURUSD is trading at the highest level since January 8th after pushing above the May high at 1.22448 and the February 25 high at 1.22424. The next major target is the high for 2021 from January 6th at 1.23488.  That high was the highest high since April 2018. The 2018 high for the year came in at 1.2550.  The EURUSD bottomed in 2021 on March 31 at 1.17035.  A topside trend line connecting high from April and May target 1.2272 (and moving higher). 

The 100 hour MA based the currency pair yesterday. Buyers pushed the pair higher todayDrilling to the hourly chart, the positive technical clue came on the break of the Feb/May highs. The pair ended up basing against that area before heading back higher.  Bullish. That area is now the risk for bulls/buyers.  Dips should find buyers against the area now.  It will take a move below to hurt the bullish bias now.   

A topside trend line cuts across near the trend line on the daily at 1.2272. The hourly trend line is a little higher at 1.22745 (and moving higher).    




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