London/European session moving toward the close for the day
The EURUSD has stretched above the 1.2400 level again and traded to new session highs. As posted earlier, the break above the 50% and the swing levels was more bullish (between 1.2352-62), and that has set the tone for the day.
Also posted earlier, the EURUSD run higher was more bullish, and interim support was at 1.2392 and then the 38.2% (and swing level at 1.23806 (see 5-minute chart below).
The 1.2392 level was broken, but the 38.2% was not, and traders reestablished support at the 1.2392 level (see red numbered circles on the 5-minute chart below). That was more bullish and helped the run higher.
The buyers are trying to take the price to the next target at the 1.24336 as the pair retraces the move lower from the Feb 16 high. Close risk now will be eyed at broken 61.8% level at 1.24016 (see hourly chart). I would think that if that level is broken now, the buyers would start to lose some of that bullish feeling (especially after the move to new highs).