November 26, 2022

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EURUSD runs higher and looks toward the February high target

2 min read

Price trends higher today

The EURUSDs run to the upside started early in the Asian session after the pair found buyers in the first few hours near the swing area in the 1.21473 to 1.21516 area (the low for the day was just below that level at 1.21462). The subsequent move above the swing highs from May between 1.21763 and 1.21810 from last week, opened the floodgates for a stronger move to the upside.  The pair reached 1.22334 and has backed off a bit (currently trades at 1.22191). 

Price trends higher today

Looking at the daily chart, the high is getting closer to its February 25 swing high which reach 1.22424.  The high got within nine pips of that level.  A break above the level, would have traders looking toward the 2021 high price from early January at 1.23488.

EURUSD on the daily chart

Drilling down to the five minute chart below, the pair started to base in the first few hours against the 100/200 bar MAs. The price then took off like a rocket, running away from the MAs. The rising 100 bar moving average currently comes in at 1.2202.   

There is some cracks in the trend move at least as the recent high momentum break, seems to be failing at 1.2223. It may not mean the end of the move higher, but some of the trend may be coming out of the pair.   It will take a move back above that level now to hurt that idea.  

Nevertheless, if the downside probing can find buyers near/above the rising 100 bar MA (at 1.22023), the sellers are still not winning.  

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