The EURUSD is continuing the surge higher after traders held the line at the 200 hour MA (green line in the chart above) in the London morning session (at 1.2553/low reached 1.25519). 

The price is now working back toward the underside of the broken channel trend line at the 1.2726 level (see daily chart below) . The 38.2% of the 2012 trading range comes in at the 1.27443 level. The high for June came in at the 1.2746 and 1.2741. 

The bull trend is in its second leg to the upside. The bulls/buyers remain in control as long as the price stays above the 38.2% -50% of the last leg to the upside. That level comes in at the 1.2621 to1.2638 level currently.  The burden  of proof is on the sellers to take back control from the buyers . If they are not able to move the price below this level on corrections, the bulls remain in control.