Price moved above recent swing highs at 1.1144-46 but fails
The EURUSD has moved moved lower after early attempts to move higher failed. The high from the end of March reached 1.11465. The high from Friday/last week reached 1.11447 in the early London session but could only extend to 1.11532. The failure turned the buyers to sellers. The price low has now reached to 1.10998. There is a large 1.7B of option expirations at the 1.1100 level that may be slowing the decline.
Drilling to the hourly chart below, the price is trading above and below an upward sloping trend line as support buyers against the 1.11000 level hold the line.
If there is run lower, the high from May 29th at 1.1092 would be the next target followed by The late Friday low at 1.1080. The 1.1066 and then the 100 hour MA at 1.10449 would follow. That 100 day MA level is also home to the 38.2% of the move up from the May 25th low. Keep that area in mind.
The option expire seems to be having an impact. The option expires at 10 AM. We may have to wait for that time to see the true intention of the market. Sellers, on the failed break higher, seem to have more control, but technically it is hard to say, they are deemed the winner. Traders can buy the 1.1100 level with stops on more momentum below as a trade. Sellers from above on the failure are obviously hoping that level is ultimately broken, and more downside probing is explored.
