The EURUSD’s rally is extending, with the pair pushing to a recent session excessive at 1.1860, up 0.84% on the day. Importantly, the transfer carried the worth above the prior yearly excessive from July 1 at 1.1829, marking the highest stage since September 2021 and reinforcing the power of the present bullish development.
Wanting forward, the following key upside goal comes into focus on the double swing highs from August 2021 close to 1.1909. Whereas nonetheless roughly 50 pips away, that stage represents a logical goal for consumers given its historic significance and clustering of resistance.
On the draw back, 1.1829 now serves because the rapid assist/danger stage—a line within the sand that consumers will wish to defend to maintain momentum intact. A extra conservative danger marker sits decrease on the July 24 excessive of 1.1788.
Ought to the pair fall again beneath that space after as we speak’s breakout, it could seemingly spark purchaser disappointment and encourage profit-taking or recent promoting stress.
In the meantime, the
- USDJPY is buying and selling to a brand new low down -0.67%
- USDCHF stays the worst performer at down -0.99%. It’s buying and selling to the bottom stage for the yr now beneath 0.78714. That takes the worth to the bottom stage since 2011
- AUDUSD is buying and selling to new highs and assessments development line and swing highs going again to 2024 (see chart beneath) close to 0.6687. The excessive simply reached 0.6684 and 0.6694.
