The EURUSD is trading to a new session high and in the process is digging more into a key swing area on the daily chart (see video earlier outlining the area). That area comes between 1.03395 and 1.03657. The high price just reached 1.03531. Also on the topside is a new 50% retracement this one from the end of May high, to the July low. That level comes in at 1.03688.
A move above that cluster of resistance would have traders looking toward the trend line connecting highs going back to February. That trend line currently cuts across near 1.0400, nice round natural resistance level as well.
Looking at the hourly chart, the 38.2% retracement of the move up from the low today comes in at 1.0296. That is just above the swing hi going back to August 1 at 1.0293. I would think that traders would not want the price to return back below those levels. As a result it represents a key risk level on the downside. Stay above is more bullish. Move below is more bearish.
