EURUSD backs off after getting close to June 23 high

Technical Analysis

Author: Greg Michalowski | eurusd

High reaches 1.1345

The EURUSD reached toward the June 23 high at 1.1348 (and the high from June 16 at 1.13527), but stalled at 1.1345. The price has pushed lower. The better ISM data finally made traders think "A stronger recovery may be a reason to BUT the USD".  Market stories can change, but technically, the pair has some ceiling resistance above and that ceiling attracted sellers on the first look.

High reaches 1.1345
Drilling to the 5 minute chart, the correction lower has reached- and broken below -  the 50% of the last leg higher. That break takes steam out of the trend move higher today.  Support now at the rising 100 bar MA at 1.1303.  Buyers have bought against that level earlier in the day. 

EURUSD on the 5 minute chart
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