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EURUSD extends up to upside targets, backs off a bit.

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Price moved up from 1.1888 to a high of 1.1920 in the NY session

In an earlier post, the EURUSD had showed some corrective upside potential on the 5 minute chart as the trend move lower, lost steam. The price was trading around 1.1888 at the time.

Price moved up from 1.1888 to a high of 1.1920 in the NY session

The price extended higher and moved toward the next targets including the 61.8% retracement of the move up from the March 31 low to the May 25 high at 1.19183. Along with swing lows/swing highs from Thursday and Friday that topped out at 1.1925. The high price just reached 1.19201 – between those two targets – and the price has rotated modestly to the downside. The low move to 1.1908.

Going forward, getting back above the 1.1925 level is still a upside target (it is also near the midpoint of the move down from Thursday’s high – see 5-minute chart below).  Move above that level and traders would start to target 1.19453 (61.8% of the same move).

Buyers are still on an “upside corrective probe” after the sharp fall last week.  The price remains above the rising 100 bar moving average on the 5-minute chart at 1.18932 which is also a short term positive.  

EURUSD on the 5-minute chart

PS. The EURUSD range is up to 75 pips with the 22-day average at 68 pips based
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