EURUSD has stretched to new highs and in the process moved above key technical targets

The EURUSD is extending to new highs in the U.S. session as European traders wrap up for the day. The pair has pushed above key resistance levels, including the swing area between 1.03329 and 1.0343, the 100-hour moving average at 1.03539, and the 50% retracement of the decline from the January 27 high at 1.0371. This break strengthens the bullish bias, and as long as the price holds above these levels, buyers remain in control.

Key Levels to Watch:

• Support: A move back below 1.0371, the 100-hour MA, and the swing area would shift the bias back to the downside.
• Resistance: The next upside targets are the 200-hour MA at 1.0402 and the 61.8% retracement of the January 27 decline at 1.0409. A sustained move above these levels would reinforce the bullish momentum.

For now, buyers have the upper hand and can continue to test higher levels.

This article was written by Greg Michalowski at www.forexlive.com.