Swing areas at 1.1619-31 above and 1.1541 below
The EURUSD moved up to a swing area yesterday in the 1.1619-31 price range. That area stalled the rise not just once but twice as the price chopped around. The second test was enough though (after the FOMC meeting minutes), and the price rotated lower.
If you were to propose a target, the swing highs from Tuesday and the MAs below (100 hour MA and 100 bar MA on the 4-hour - blue lines), would be targeted. The first target at 1.1541 was tested today and that stalled the fall.
We currently trade between the ceiling and floor now at 1.1572. The price just tested the 100 and 200 bar MA on the intraday 5-minute chart (see blue and green lines on the chart below). A move below is more bearish.
On the topside today, the price remained below the 200 bar MA on the 4-hour chart at 1.15968.
There is some bullish. There is some bearish. We trade between those levels. Sellers lean against the 200 bar MA on the 4 hour. Dip buyers the 1.1541 area and then the 1.15069-13 (100 bar MAs) will be eyed.
