FOREX: See and Learn Why EUR/USD Traded at a High of 1.2880 Today (Level Identified in Our Video from 1 October)

Our YouTube video examines why EUR/USD traded at an intraday High around 1.2880 today.  We identified this level as a technical retracement level in a recent YouTube video and recent post from 1 October.

In the Daily chart above, we have drawn retracement extension lines from the 1 July High of 1.3699 and extended them lower to the 1.2625 level based on the 1 August High of 1.3444. We identified 1.2625 as an exhaustion level on 1 October.

The 23.6% retracement of the range from 1 July through the exhaustion point of 1.2625 is 1.2877, right around today's intraday High.

Look at the Monthly chart below to see why the October intramonth low is technically relevant and related to the range from July 2012.

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