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.
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.
