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EURUSD trades at the highest level since September 21
The EURUSD is traded to a new session high and in the process has taken out the month high at 1.18304.
As outlined earlier, the pair tested a swing level between 1.1845 and 1.18161 and stallled. However, another swing area between 1.1797 and 1.17994 was holding intraday support. The pair moved above the upper extreme and after retesting, the buying intensified and push the price to new highs.
Looking at the daily chart below, the price action over the last 3 or so months has been somewhat choppy and contained. The next retracement target comes in at 1.18582. That is a 61.8% retracement of the range over the last few months. Close risk on the daily chart would be a move back below the 50% retracement at 1.1811.
This article was originally published by Forexlive.com. Read the original article here.