The EURUSD is trading back above the 1.1300 level and in doing so, is also above the 50% midpoint of the range since November 30 high. That level comes in at 1.13015. On both Monday and Tuesday, the price stalled near that 50% midpoint level. So getting above it is a tilt more in the bullish direction.
The move to the upside has also extended farther above its 100 and 200 hour moving averages those moving averages come in at 1.1286 to 1.1288 respectively. After the price moved above those levels, the sellers turned the buyers on the break.
So risk levels will now be near 1.1300 and below that the moving averages near 1.1287 area. Staying above each keeps the buyers more control. A move below would certainly disappoint the "break" buyers
On the topside, the 61.8% retracement at 1.13205 and swing highs from December 10 and December 14 at 1.1323 represents the next upside target (see green numbered circles). Move above that area and it opens the door for further upside momentum.
The 1.1354 to 1.1359 area is the next major target. That level represents swing highs from December 1, December 8, and December 16 (Bank of England rate raising day - see red numbered circles).
PS. An important "tell" for the market today (and yesterday, was the holding of the swing area between 1.12595 and 1.12658 (see lower yellow area). Looking back in time (to November 17), there have been a number of swing levels that stalled within that area. The inability of sellers to push below that level said that sellers could not go any further. That helped to tilt the bias back to the upside and through the moving averages today with more momentum.
