The EURUSD move abovet the 1.4516-30 resistance area (see prior posts today), opens the door to the next target at the 1.4568 level. This is the 61.8% retracement off the move down from the May high to the low in May. There is likely to be some resistance against the area. However, as long as the price remains above the 1.4530 level (and the correction of the high did just that -see 5 minute chart below) the bias is to the upside.
A move above the 1.4568 level will next target the 1.4598 level which is the channel trendline off the hourly chart above. This target is to topside “guard rail” that the market has been using to pace the upside move (see hourly chart above), and I would expect the market to respect that level should it be tested later today.
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