The EURUSDs 38.2% retracement comes in at 1.16705
The EURUSD based near a swing area at 1.1607 to 1.16127 in the Asian session (it was also near swing levels from 2020 at 1.1601 and 1.16117 as well), and raced higher with moves above the high from last week at 1.16238 and the high from October 4 at 1.1640 as well.
The October 4 high will now be close support for the traders today. Stay above and the bull run is intact intraday at least.
Although the price broke above old highs and trended, the high price reached today at 1.16687 came up just short of the 38.2% retracement of the move down from the September 3 high at 1.16705. I spoke of this level in my post yesterday (CLICK HERE).
If the buyers are to take more control, getting above that minimum retracement level would be needed to be broken. Be aware a break above would look toward 1.16827 and the 1.1700 area.
Nevertheless, despite the disappointment that the retracement target could not be broken, the good news for the buyers is the price did move back above its 100 week moving average at 1.16149 (and ran away - see weekly chart below).
That area will be a risk level for longs looking for more upside. As mentioned, the price also based and raced away from the September and December 2020 lows at 1.1601 to 1.16117.
For traders who are more bearish the dollar after the trend move higher in September and into October, that area would be a level that could not be broken if the buyers in the EURUSD are to keep control.
