EUR/USD extends breakout move to 1.1383

The first sign the EUR/USD was headed higher yesterday was the break above the high seen last week, at 1.1144. That was also a 2025 high and as covered here later that move pushed towards the 1.1214 high seen last year. Well, ahead of the US close last night the Euro pushed above that level, rising to around 1.1230. It later closed in the US at 1.1201. Earlier this morning, as the USD/JPY took out the previous low at 144.00, the EUR/USD took off again and that deliver a rapid move to a new 2025 high. at 1.1383. To be honest with you a break above 1.1214 was always likely to deliver a decent extension and that is what has happened. It has backed away from that high now and it might be worth remembering there is a European gap is in place now at 1.1214. That level should provide at least some support, if it is tested later today. The EUR/USD is right now at 1.1302