EURUSD Update: Trend line broken but swing area not....

Technical Analysis

Author: Greg Michalowski | eurusd

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 price was moving down away from the 100 day MA at the time (bearish), but a trend line and swing area was in the way on the downside.  

The low price reached 1.13381 and bounced. We currently trade at 1.13526.

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. 

On the topside, the 100 day MA at 1.1363, along with a trend line on the daily at 1.1357 and the 50% retracement at 1.1372 are all targets to get to and through.  The high today stalled just ahead of the 100 day MA. 

EURUSD bouncing with 100 day MA resisatance above.

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