EURUSD stalls so far at the 1.1323 swing area

Technical Analysis

Author: Greg Michalowski | eurusd

EURUSD swing highs from April 12 and April 17

The EURUSD moved to new NY session high on the 4 hour chart below, and in the process tested the 1.1323 area. That level corresponds with the swing highs from April 12 and April 17.  The high price reached 1.1324.

EURUSD swing highs from April 12 and April 17

Stay below the level and traders will still need to see the 1.13036 to 1.13084 area (other swing levels - call it a move below the 1.1300 level).  

The sellers are trying to make a little of a play after failing on the break above the 1.1323 and a topside trend line.  However, for sellers to gain more credence, they will need to stay below 1.1323 and then get, and stay below, the 1.1300 area.   If so, the 1.2718 (100 day MA) becomes the target....

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