The EURUSD swing area at 1.2153-64 tested and sellers reenter
In an earlier post, I spoke to the resistance from the daily chart at the 1.2153 to 1.2164 area. The area corresponded with swing lows from January, March, April 2018 (see post here).
Looking at the hourly chart below, the price did rise up to test that swing area. The high price ticked up to 1.2165 - just above the high of the swing area at 1.2164 - before rotating back to the downside. We currently trade at 1.2132. Resistance held. It would still take a move above that area to tilt the bias more to the upside.
On the downside the rising 100 hour moving average at 1.2110 remains a downside support target. Below that the 38.2% retracement at 1.20788 would need to be broken if the sellers are to take more control from the buyers. That low was tested earlier in the session and found support buying.
For now the battle remains between resistance above verse the 1.2153 – 64 area and support below at the 100 hour moving average and 38.2% retracement.