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.
The pair is now trading around the 100-day moving average (1.1685), making that level a critical short-term barometer.
For buyers, staying above the 100-day MA keeps the upside bias firmly intact, with another run toward the 1.1726–1.1741 resistance zone likely.
On the downside, a move back below the 50% retracement (1.1667) would signal a loss of momentum and could open the door for a deeper pullback toward the prior breakout area between 1.1637 and 1.1644.
