EURUSD inches toward the falling 100 day MA | Forexlive

The EURUSD moved to a new high at 1.0080. That got within 13 pips of the falling 100 day moving average at 1.00935, and a swing area between 1.0096 and 1.0121. The price is not traded above its 100 day moving average since February 11 at 1.1412. The EURUSD moved to a low in September at 0.9535.

The move to the upside today has taken the price above the swing high from September 20 at 1.0050 and also the 61.8% retracement of the move down from the August high at 1.00473. That area is now a close risk level. Stay above is more bullish in the short-term. Move below and traders will I the high price from early October at the parity level. Below that is the 50% retracement along with the swing low from July near the 0.9951 level.

Buyers are making a play as the US dollar moved lower today. However the 100 day moving average will be a key target and barometer. The first test could be a tough nut to crack as risk focus traders leaned against the moving average level hoping for a corrective move back to the downside, or a reestablishment of the downward trend. Be aware