Also moves away from 1,1800 area
EURUSD has risen close to 50% of the midpoint or trading range during yesterday’s trading since 30 July.
In today’s Asian session, the price managed to break 1.1800 – 1.18044 above the region and rise towards the next key target, a retracement of 61.8%. Upon reaching this level, traders looked to the region from 1.18243 to 1.1830 (see green numbered circles). Eventually, this swing also shattered.
We are now trading directly above this swing area. As prices continue their trend, they will move upwards, from 1.18243 to 1.18300, with the next swing range between 1.18507 and 1.18568.
Overall pricing after the slumps of 19 August and 20 August has seen EURUSD rise by 6 over the last seven days (today would be the seventh day out of eight). A move from 50% in the middle of yesterday and above 61.8% today will keep March up. The high price in July finally reached the level of 1.1900 – 1.19081. The pair is still about 70 points away from this level, but buyers are hitting upwards.
Look at the 61.8% retracement today. Stay higher than buyers control.