EURUSD finds some sellers at the key swing area. Corrects into the close

Technical Analysis

Author: Greg Michalowski | eurusd

The 1.1987 to 1.1991 area stalls the rally.  

Earlier today, the EURUSD found sellers against the 50% retracement and backed off a bit.  I wrote that traders - given the break outside of the non trend ranges at 1.19268, would eye the 1.1946 level (high from March 22) as close support. It held, the price broke above the 50% retracement level (see post here). 

The 1.1987 to 1.1991 area stalls the rally.  
The next target would be resistance at swing highs from March between 1.1987 to 1.1991.  The high price reached 1.19869 - just below that target - and has rotated lower. That level was also outlined in the earlier post.  

What now?

The 1.1946 level remains a level to eye on the hourly chart. Stay above, keeps the buyers in control. As in the previous post, moving back below that level and then the 1.1926 level would not be a good thing> The pair broke outside of the non-trending range above 1.1926. So a move back below would be a failure of that break.  .   

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose