Looks toward a test of the 200 bar MA on the 4 hour and 38.2% retracement
The EURUSD has extended the run to the upside and is getting closer to the next target area defined by the 200 bar moving average on the 4 hour chart at 1.1058 and the 38.2% retracement of the move down from the November 4 high at 1.10597. A swing area is also up near the 1.1062-63 area.
Early in the session the pair moved above its 200 hour moving average for the 1st time since November 5. The pair also extended the very narrow trading range for the week on a move above the Monday high at 1.10426. The range for the week is now up to 65 pips (remember the old days when the range was near 100 pips a day?)
Yesterday and on Wednesday, the price tested the 61.8% of the move up from the October 15 low. That was also a swing low from 1.09908. The low price reached 109885 before bouncing.