Looks to test swing area

The EURUSD moved below the low from yesterday at 1.17883, trading to a low of 1.1785. That was just above a swing area between 1.1779 and 1.17837. Buyers have pushed the price back up. The price currently trades just below the 1.1800 level at 1.1790 as I type.

EURUSD on the hourly chart

The aforementioned swing area was broken back on August 21, August 26, and August 27. The last 2 breaks were quickly rejected (on August 26 and August 27). The fall below on August 21 lasted for a number of hours before rebounding back higher. The quick failures suggest buyers were happy despite the break. A move below should solicit more selling.

On the topside the corrective move off of the low has so far stayed below the 1.1800 level. There was a swing low yesterday at 1.18013. The day low hourly bar today at 1.1801. Watch that level as close resistance. Stay below keeps the bears more in control