Earlier in the day, the EURUSD moved above the 50% of the range since the April 21 high at 1.06421. The price also moved above the swing high from May 5th at 1.0641 (just a pip off the50% level). There were other swing levels down to 1.0633. The break above 1.0633 to 1.0642 was bullish.
Early in the US session, the pair corrected off the London high and I commented in a post:
The current price is trading at 1.0653 after reaching a peak of 1.06865. Traders will be eyeing the 1.0633 to 1.0642 area as close support/risk now. Stay above and the price can continue to probe to the upside.
The 1.0642 level did find support buyers on the dip (the low reached 1.0643), and the price has been stepping higher since that test.
The pair has now moved up toward a swing area between 1.0696 and 1.0706. The 61.8% comes in at 1.07113. The high price has reached 1.06968. Get above, and the door opens for the next upside targets. The 1.0757 area is the next key target on the hourly chart. That level represents the swing lows from April 14, April 19 and a swing high on April 25 (after a break lower – see green numbered circle on the chart above).
On the daily chart the 1.07265 is a closer target. It represents the swing low from April 24,2020 (see chart below).
So watch 1.0696 to 1.0711 as the next target, followed by the 1.07265 level from April 2020 (see daily chart). A move above that level and the 1.0757 area where swing lows from April 2021 are found will be eyed. Those are the steps as the EURUSD continues it’s chim him orrection to the upside.