EURUSD Update: Trend line broken but swing area not....
Price bounces off the binary trade level
Looking at the hourly chart below, the price is moving back away from the overlay of the 100 day MA and looks toward a lower trend line and swing area in the 1.1338-43 area. The swing area was broken yesterday, but the trend line did stall the fall. Today, both those technical tools are in the same area. The decision is therefore more binary.... Stay above keeps the bulls in control. Move below, puts the bears more in control.
The second verse (or post) is the same as the first. The trend line and the swing area remain as levels to get below on the downside.