Up and down activity in the NY session
The EURUSD is down testing an intraday low area at 1.22043 to 1.22063. Looking at the five minute chart below, the area was initially resistance on the way higher, then became a floor support on corrective moves lower (see red circles 2, 3 and 4).
On the topside, the last peak on the 5 minute chart, an old intraday ceiling at 1.2223 stalled the last rally. The price did move higher earlier in the day to a intraday high of 1.22334, but could not sustain the momentum. The old ceiling reestablished resistance at green circle 3 and again at green circle 4.
As I type, the floor was just broken and stops push the price down toward 1.2196. The next target would be at the rising 200 bar moving average at 1.21896 area. Traders will also be looking for the 1.2204 to 1.22063 area to now be a resistance if the sellers are making a true play on the break.
