Well... the ceiling is certainly in place.
The EURUSD stalled at the ceiling level for the 5th time in the last two weeks. That ceiling comes in at 1.1743-49. The high price today reached 1.17455. The 2+ day rally just could not break through. The area adds another test and hold (#5).
The price moved lower and has taken back all of the gains from the Asian low to the NY session high. The Asian low reached 1.1699. The low just reached in the NY session reached 1.1698. The close from yesterday was at 1.1703. The 38.2% of the move up from the Friday low comes in at 1.16974. Lots of stuff in the 1.1697-03 area. We trade at 1.1703 now.
Does it stall here and regroup back for another move higher, or was the steep and fast fall indicative of sellers being more comfortable? On more downside, the 100 and 200 hour MAs at 1.1682-84 will be eyed. It was just yesterday that the pair cracked above those MA levels on its way higher. I gotta think that buyers would show up on a test.
If this level holds (and so far, the buyers are leaning), The 1.17165 -18 area will be eyed as area to get back above, to take some of the momentum selling away.
