The EURUSD is moving to a new session high and in the process is up testing one of my old favorite levels. The 0.99515 level. That level was the swing low back in July after the price broke below the parity level for the first time. In September the price moved down to test it, before breaking to the cycle low for the year. Last month, the pair used the level as a risk defining target as well.
We are back testing it. A move above would have traders looking toward the parity level and then the falling 100 day MA at 1.00515. Hold below and traders will look toward 0.9898.
This article was originally published by Forexlive.com. Read the original article here.