The EURUSD surged higher following the cease-fire announcement after the close yesterday, but the bullish move was already taking shape earlier in the session. The pair found support against an upward-sloping trendline, which gave buyers the foundation to push higher. That momentum carried the price above both the 100- and 200-hour moving averages, and through the 38.2% retracement of the move down from the February 10 high, signaling a shift in near-term bias.
The cease-fire headline added fuel to the move in early trading today, helping propel the pair above the March 23 high (1.1637) and the March 10 high (1.1644). From there, price extended into a key cluster of resistance levels, including the
- 50% retracement at 1.1667,
- 200-day moving average at 1.1673, and the
- 100-day moving average at 1.1685.
After breaking through that zone, the subsequent corrective pullback found support near the lower end of that cluster—an encouraging sign for buyers.
The rally extended to a North American session high of 1.1721, just shy of a key swing area between 1.1726 and 1.1741, where sellers leaned and stalled the advance. That area is the next target followed by the 1.1765 – 1.1778 area on further upside momentum
