Lots of resistance

There are two areas of resistance in the EURUSD.

The first is the 1.2254-578. Included that area are:

  • Swing low from Feb 22
  • Swing high from Feb 27 before the price moved lower
  • The 100 hour MA (blue line).
  • The 50% of the move down from Feb 26th high.

The price moved above that level and is trying to find support against that area.

The second area is the 1.22736-777 area. Included in that area are:

  • Downward sloping trend line from the Feb 16 high
  • Swing levels from Feb 21, Feb 23, Feb 26 and Feb 27
  • The 61.8% of the move down from the February 26th high

The price has stalled just ahead of that area The high has reached 1.22727 so far.

The buyers are taking more control, but with overhead resistance slowing the rise. If the price moves above the 1.22777 level, there could be some stop, with the 200 hour MA (green line) at 1.22933 the next target.