EURUSD reverses back lower after break higher fails

Technical Analysis

Author: Greg Michalowski | eurusd

The EURUSD is back below old ceiling level at 1.1089-92

The EURUSD race higher and above a ceiling area 1.10894-924 and the 61.8% retracement at 1.11007. The high price extended to 1.1158, but has since reversed back lower moving below the 1.1100 level and now the swing high ceiling at 1.1089 – 924 (see yellow area).  That is a problem technically.  The break should have led to increased upside momentum.  

The EURUSD is back below old ceiling level at 1.1089-92

On the downside the 50% retracement at 1.10778 and the 100 day moving average at 1.10682 would be targets on the downside.  A break below each would increase the bearish momentum.

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