EURUSD Technicals: The EURUSD makes a break for it. Can the momentum continue?

The major European indices are closing with a solid gains led by Spain’s Ibex, and Italy’s FTSE MIB and France’s CAC. The FTSE 100, and Spain’s Ibex closed at record levels again. The Italy’s FTSE MIB close that the lowest level going back to 2000 (its kind of amazing that the Italy’s FTSE MIB was so in 2000).

A snapshot of the closing levels shows:

• German DAX, +0.57%
• France’s CAC was 1.25%
• UK’s FTSE 100 +1.15%
• Spain’s Ibex, +1.27%
• Italy’s FTSE MIB, +1.24%

The EURUSD is also moved higher.

In the kickstart video from earlier today , the pair had tested the low of a swing area between 1.1576 and 1.15929. The price has moved above its 50% midpoint at 1.1568.

In the morning North American session, the price low did stall and base against the 50% midpoint level. That created a large prepared for a run toward the high of the swing area at 1.1529, and a break above that level to a high price of 1.1605.

Since then, the price has rotated back down toward the 1.15929 level. The price has dipped a little bit below that level by a few pips but buyers have so far been able to hold the line against that old resistance target. If the price can hold HERE, a rotation back to and through the high price at 1.1605 can be expected, with traders eyeing a downward sloping trendline or the high price from October 30 near 1.16334.