EURUSD tests a key technical target level

Technical Analysis

Author: Greg Michalowski | eurusd

Trend line and swing area being tested at 1.0980 to 1.0992

Trend line and swing area being tested at 1.0980 to 1.0992
The EURUSD is up testing a key resistance area at the 1.0980-92 area. A trend line cuts across their and swing levels going back to October are in that area.

A move above would next target the 50% retracement 1.10079. 

Drilling to the 5 minutes chart, the trend continues to run higher. The price has extended another leg higher with the 38.2% to 50% retracement now at 1.0978-82.  The trend line is above that area at 1.09845 currently and moving higher.   In a trend move, if the price moves below those levels, the trend waters get little more muddy (or tired potentially).  That does not mean the high is in place. It just means that there is some selling/profit-taking. 

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