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The EURUSD has been stepping higher in trading today and in the process has been able to extend above the 38.2% at 1.1507, the 38.2% of the move down from the end of October high at 1.15448. and and floor from October between 1.1541 and 1.1546. The next target is the falling 200 hour MA at 1.15627 and the 50% of the same move lower at 1.1568. In the video, I talk about the technicals driving this pair and roadmap as we head into the new trading day.
This article was written by Greg Michalowski at investinglive.com.
💡 DMK Insight
The EURUSD’s rise above 1.1507 is significant for traders looking for momentum shifts. Breaking above the 38.2% retracement level often signals a potential trend reversal or continuation, especially after a recent downtrend. The previous resistance zone between 1.1541 and 1.1546 could now act as a support level, making it crucial for traders to monitor price action around these levels. If the pair can hold above 1.1507, it may attract more buying interest, pushing towards the next key resistance. However, a failure to maintain this level could lead to a quick retracement back to lower levels, so keeping an eye on volume and volatility is essential. The flip side is that if the EURUSD fails to sustain above 1.1507, it might trigger stop-loss orders, leading to a cascade effect that could push the price back down. Watch for any economic data releases or geopolitical events that could impact the euro or dollar, as these could add volatility to the pair.
📮 Takeaway
Traders should watch the EURUSD closely; holding above 1.1507 could lead to a push towards 1.1541-1.1546, while failure to maintain this level may trigger a pullback.
