EURUSD trades to a new high

The EURUSD is trading higher and is approaching key resistance near 1.0871 to open 08746. Within that area is the

• 100 hour moving average at 1.0871
• 61.8% retracement of 1.08746
• 200 day moving average at 1.0872

The high price yesterday reached 1.0873.

The area is key for both buyers and sellers.

• A move above, gives the buyers some hope.
• Staying below would be a great hold for the shorts and give sellers a reason to push back to the lows.

The ECB rate cut rates by 25 basis points yesterday. Although the commentary was largely about slower growth, the central bank remains data dependent. There have been some chatter after the decision from both sides of the fence.

Lagarde seems to like to sit on the fence and use the “data dependent” talking point to express her view.

This article was written by Greg Michalowski at www.forexlive.com.