A closer look at the technical picture unfolding in the EUR/USD

As noted here last week, it was the breakout above the 1.0760 level in the EUR/USD that has delivered a move to above 1.09 since. That technical level break was actually at 1.0764 to be exact, as that was the 38.2% pullback level of the drop from the 1.1276 high, set back in July, to the most recent low, at 1.0448, reached at the very beginning of October. The further rise above 1.0862 (and close above there on Friday) took out the 50% pullback target and now the 61.8% level is next in line. As noted here earlier this morning, that is at 1.0960. It seems this level is very much on the radar this morning, but without any guarantee it will be put to the test. The earlier high got a little closer, when the Euro rose to 1.0936. Downside supports should now reside at those former resistance levels (1.0862 and 1.0764). The EUR/USD is just now trading at 1.0923