EURUSD tests upper swing area. Will the sellers show up?

Technical Analysis

Author: Greg Michalowski | eurusd

Swing low tested earlier

The EURUSD tested a lower swing area earlier in the day at the 1.07556-633 area.  Sellers could not push the price to and through the area. So sellers turned buyers and the price moved higher. 

Swing low tested earlier

Now the price has moved up to a upper swing area between 1.0832 and 1.0840.  The price I just moved to 1.0833.  Will the sellers now enter to cap the rally? 

Risk can be defined and limited against the area. Sellers/profit takers could lean.

However, if there is a break above, I would expect sellers to shift back to buying, and a rotation toward the 38.2% and the falling 100 and 200 hour moving averages. They come in at 1.0862 – 699 area.

Decision time for the market.

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