The EURUSD has continued the move to the upside today. Recall from yesterday (SEE: Forex Technical Trading: EURUSD stays in the Land of Confusion (with a more bullishness today), the price was moving above the 1.24999 level (low price from October 3rd) and the 1.2508 level (a high ceiling from last week) and the price held. The low in NY session yesterday came in at 1.25005. Today the price held above this support level in the Asian correction and we have seen a move higher in the NY session this morning. That move has pushed against the top of the “Blue Box” outlined in my last few posts on the EURUSD (see one from the link above). Eventually, the price will break out but I would not be surprised to see sellers high too, and that is what we are seeing.
The EURUSD tests the topside ceiling and holds
Can this be the time for a break to new highs outside the range?
Anything is possible of course in this land of confussion but technically, I will be looking for the old highs of the day and the 50% of the recent trend move higher today(see chart below) to hold on the correction. If it can hold, there could be a new energy that pushes to and through the double top seen over the last 13 or so days of trading. If it does not, expect that the sellers start to take back the control. That area is being tested at the moment.
EURUSD looks to test intraday support. Will the buyers come in?
