The 1.1300 level should solicit some pause
The EURUSD has extended to new session highs, moving above the highs for the day and the swing area at the 1.12848-89. The break is the next step after holding the 100 hour MA earlier in the day (blue line) and moved above the 38.2% of the move down from the Feb 28th high (at 1.12679 area).
The problem for the buyers is there is another overhead area that should be a tougt nut to crack. The 1.1298 is home to the 200 hour MA and a trend line. The 50% is just below that level. The 1.1300 level is a natural resistance target. There should be seller leaning against that level on test with stops on momentum above the 1.13000.
So there is a break. The buyers from earlier in the day are happy and making more, but the move is likely to run into some more selling potential – even from the buyers – against the 1.1300 level (with stops above).