38.2% and swing lows for November/December stalls the fall today
The level was no surprise.
The EURUSD had the 38.2% at 1.17133, and swing lows from November and December at the 1.1712, and 1.1717 respectively. I/ we have been talking about the level as a key target for some time now. The price low today extended to 1.17159, and the buyers came in as risk could be defined and limited.
Reaching the level, is like ending another chapter in a great book. You can't stop reading and the new chapter takes a new twist.
In trading terms for the EURUSD, the price ahs moved back higher. We made new session highs in the current hour at 1.17788. That took out the Asian session high at 1.17747. That break to new highs failed, and we currently trade at 1.1768.
What next?
Keep an eye on the 1.1762 level now. Looking at the hourly chart below, last Wednesday, the low stalled at that level Below that the low from Friday will be eyed at 1.17484 area.
The low off the day's high so far has stalled at 1,17633, just above the Wednesday low. If that can hold, their could be more corrective upside potential with the 100 hour MA (blue line in the chart above at 1.1801 (and moving lower). A failure and the sellers may start feeling more confident again with the 1.1748, and if that is broken, a retest of the key support target not out of the question.
For now, there is hope for the dip buyers but they still have work to do.
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