EURUSD moves to a new week high and above the 50% of the recent move lower.

The  EURUSD  moved above the swing area new 1.0545 and approached the 50% midpoint of the move down from the May 30 high. Sellers initially leaned against that level, but after backing off on the 1st test of the retracement level, the price based and moved to and through the level.

The price has now moved above the high from yesterday’s trade (and the week) at 1.05819, and into a swing area between 1.0592 and 1.0607. The high price reached 1.0605 and backed off.

Like the initial test of the 50% retracement, traders are paid attention to the technical targets.

For traders looking for more upside, staying above the 50% is paramount in the keeping the bullish bias intact at least intraday. Yesterday the price momentum could not be sustained. Back on Thursday, the same break eventually gave way as well and push the price back to the downside. So close risk is a move back below 1.0572.

On the topside, recall the up and down consolidation area from May 23 to June 9. That area was between 1.0633 and 1.07857. The 61.8% retracement 1.0622 along with that swing area would be the next upside targets on a break of 1.06072.

A move down in yields, higher US stocks (major indices are now all positive), lower oil (although the prices bouncing off there lows for the day) are all helping the flow funds out of the US dollar.

The major European indices are still lower, but off there lowest levels of the day. European yields are also sharply lower with declines anywhere from -11 basis points to -18 basis points in the benchmark 10 year yields.