Trades at highest level since May 6th, 2016
The EURUSD has moved to new session highs and in the process has extended the range to 65 pips from 17 pips at the start of the NY session (see earlier post). The 65 pip range happens to equal the 22 day average range (about a month of trading).
The move has also taken the price to the highest levels since May 6th 2016. The high for the year was 1.1445 (from June 29th). The high just extended to 1.1447. The price currently trades at 1.1438.
Can we keep the bullish fire burning?
It is no surprise to readers here that I have been earmarking the 1.1435-65 area as a key area for a while (yellow area in the chart above). The area has a number of swing highs since Feb 2015. There have only been 6 closes above that area. A move above today should solicit more buying.
Looking at the 5 minute chart, the price action today move to 1.1435 area (the low of the yellow area), backed off a bit and then moved above and raced higher. Stay above 1.1435 now and the 1.1465 is more in the sites of the market. So far (see chart below) the price is staying above the 1.1435 level.
