The EURUSD is working on it fourth consecutive day to the upside. The pair reached the lowest level since early June 2020 on Friday of last week. Since then, the price has moved over 200 pips in the last four days of trading.
In the process, the price moved above its 100 hour moving average on Monday (blue line currently at 1.12024), and after trading above and below the 200 hour moving average yesterday intraday, was able to close above that level and continue the run higher in trading today (green line currently at 1.1250).
The price today as also been able to extend back above its 50% midpoint of the move down from the January high to the January 2022 low. That level comes in at 1.13014. The last three hours has been able to stay and move away from that level with the price currently trading at 1.13182 after reaching a high of 1.1329. Close risk comes in at the 50% level (call it 1.1300).
The next upside target comes in at the 61.8% retracement 1.1344. Other swing highs from January 20 in January 21 come in at 1.1359 and 1.13684.
A move back below the 1.1300 level would have traders looking back toward the 1.1271 to 1.1279. That level is home to a number of swing levels going back to December 29.