The EURUSD moved to the highest level since May 8 moving above the June high at 1.1011. The high price reached 1.10267 which was short of the next target at 1.10317 (the February 2023 high). A move above that level would have traders targeting the high for 2023 at 1.1095 (April and May 2023 highs). That was not meant to be.
The subsequent fall assessing the price move back toward a swing area between 1.019618 and 1.09759. There should be support against that swing area on a test. A break below would disappoint buyers and have traders probing lower levels on the failed breaks.
This article was written by Greg Michalowski at www.forexlive.com. Source