The EURUSD traders have moved up to test the May high on two separate times today. The first time in the Asian session found willing sellers against the level, and the price rotated lower. The second time in the early New York session after the ECB lower rates but did not signal future cuts, so the price move above the May high, but the break was short lived, and the price rotated. lower.
The pair is now extending higher and looks to retest the level for the 3rd time.
EURUSD buyers and sellers will each have in interest in the level once again. Move above and stay above would have traders looking for a retest and potential break of the Tuesday high at 1.0915. Conversely, sellers against the risk-defining level, want to see the price rotage lower and ultimately move back below the 100 hour MA at 1.0874 and the 200 hour MA at 1.08576.
This article was written by Greg Michalowski at www.forexlive.com. Source