EURUSD back testing session highs. Key levels loom above.

Technical Analysis

Author: Greg Michalowski | eurusd

Has key overhead resistance above

Has key overhead resistance above

I have been harping on the area between 1.1100 and 1.11115 recently.  For those that have missed the reasons.

  • The lows in April, May and again at one point in July bottomed at 1.1100 to 1.1109
  • The broken 61.8% retracement of the August range is at 1.11115.
The price over the last 3 to 4 days have traded marginally above the area. Nevertheless, if the area can be broken - and remained broken - the sellers might feel inclined to lighten up more (PS the 100 hour MA is at 1.11055 now too).  

Helping the buyers is that the low today stalled at a swing target area at the 1.10658 to 1.10707 area (see earlier post). The price needed to get below but could not muster the "shove"

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