The EURUSD breaking higher | Forexlive

The German inflation was a bit higher than expectations and that has the EURUSD moving to the upside in early US trading.

Looking at the 4-hour chart above, the pair is extending above a swing area between 1.0866 to 1.08868 and above the 1.0900 area as well. The next target comes in 1.0926 to 1.0939 at a swing area (see blue numbered circles), that is ahead of the 2023 high from early February up to 1.10327. The high from last week comes within that lower swing area at 1.09292.

Trades will be eyeing the high of the swing area at 1.08868 as a close risk level now. Move back below would give the break higher traders some concern with a move below the low of the swing area at 1.0866, would tilt the bias more to the downside.

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