Buyers try to hold the 50% retracement at on .20534
The EURUSD has moved above the 50% retracement, the swing area between 1.2050 and 1.2056 and the 200 hour MA at 1.20589. The high price reached 1.20654, but has rotated back down.
I am not quitting on the buyers just yet (because of a failed break). Traders are so far leaning against the 50% retracement at 1.20534 and staying above the 1.2050 level as well.
If the price starts to move back below those levels, however, we should see the "break higher" buyers giving up on that move. However, if support continues to hold, we should see increased upside momentum with 1.20774 (61.8% retracement) as the next target.
At the start of the New York session, the pair was wondering down toward its 100 hour moving average. Recall from Friday, the pair initially stalled against that level with and moved higher and stayed above. Staying above today has given the buyers more confidence to head higher. Him him