The EURUSD nearly retraced the entire weeks range today – falling a few pips short. The move higher in the NY session (got it’s start on the break back above the 100 hour MA -blue line in the chart below), has been able to stay predominantly above the 1.2580-84 area which was highs and low on September 3rd and 4th (see chart above). The low print after the initial surge also held above the 100 day MA which comes in today at the 1.25653 level (low came to 1.2569). Holding the key support areas on the correction are good for the bulls. A close above 1.2565-80 area should be bullish going forward for the pair. The 1.2691 high from late June, the 1.2746 (high for June) and the 50% of the move down from the 2012 high at 1.2763 are the next major targets on the topside.
