EURUSD snaps back higher after break to new month lows fails

Technical Analysis

Author: Greg Michalowski | eurusd

The pair stays below the close from yesterday but gets close

The EURUSD moved lower in the Asian session in the process took out the September low at 1.17518. The price extended down to 1.17362 before snapping back higher. The New York session high reached 1.18121. That was just below the closing price from yesterday at 1.18156, and the high for the day at 1.1818. PS. That high is now the 50% midpoint of the
move down from the week's high (from Tuesday's trading). A move above the 50% would have traders eyeing the moving average levels above (blue and green lines).
 
The pair stays below the close from yesterday but gets close_

Admittedly, the price rise has stalled over the last 6 or so trading hours. The New York session high took out the London morning session high of 1.18116 by less than 1 pip. The price currently trades around the 1.1800 level. So there is not a lot of upside momentum at current levels.

Traders will probably be eyeing the swing low from yesterday's trade at 1.178674 as a barometer for buyers and sellers. Stay above and the buyers remain in control. Move below and the buyers may give up. In the London morning session, the price did move back below that level after it's peek, but quickly rebounded and has remained above since that time

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