Up for 8 consecutive hourly bars
The EURUSD has extended to new session highs and in the process has moved above the high price from yesterday at 1.20422. The high from Wednesday at 1.2050, and the 50% retracement of the move down from the January 29 high comes in at 1.20534. Those are the next upside targets.
The pair is now up on 8 consecutive hourly bars (the last bar closed at 1.2037) , and has closed above its 100 hour moving average for the last 4 consecutive bars. The 100 hour moving average currently comes in at 1.20203. Stay above keeps the buyers in control from the short term at least.
This article was originally published by Forexlive.com. Read the original article here.