Tests the May 13 week high and 1.2000 today.
The EURUSD traded to a high price today of 1.19967. That moved just ahead of the May 13, 2018 high price of 1.19957 (by a pip – highest level since May 3rd) and just short of the natural resistance at 1.2000. A break of the 1.2000 level (and stay above) would have traders targeting 1.2054 and 1.2092 as the next upside targets.
Drilling down to the hourly chart, the price move higher today occurred in the Asian session and stalled at the similar high (at 1.19967) during the early European session. That move took the price above a topside trend line but the break failed.
Getting above the trend line, and the high for the day along with the 1.200 level are obvious upside targets to get to and through.
On the downside, the swing hi from August 18 at 1.1965 is near a upward sloping trendline. The low corrective move after reaching the high today moved just below that level to 1.19604, but could not sustain selling pressure. Risk for longs looking for more upside would be a break below that level today.