As London/European traders look toward exiting for the day, the EURUSD is extending to a new session high. In the process, the price has broken above the 100/200 hour moving averages which are converged near 1.09768.
Earlier today, the price try to move above those moving averages only to back off into support near the 1.0933 to 1.0943 level (see earlier post HERE). Holding that level gave the buyers the confidence to push back higher and now through the moving average level.
If the pair can out stay above those moving average levels, the next target comes in at 1.1008 followed by 1.10324 and 1.10567. The 38.2% retracement of the move down from the February 10 hike cuts across at 1.10684.
