The EURUSD can't get enough liftoff to crack the cluster of resistance on the first look

Technical Analysis

Author: Greg Michalowski | eurusd

The 200 hour MA stalls the rally.

The 200 hour MA stalls the rally.

The EURUSD has extended up to the cluster area outlined in a earlier post. That cluster of resistance includes the:
  • 38.2% retracement at 1.18708
  • 100 hour moving average at 1.18745 (and moving lower) and the 
  • swing area between 1.18777 and 1.18815
The high price just reached 1.18736 and has backed off.

The sellers against the area keeps the bias more in favor of the Bears going into the weekend. It will take a move above the cluster of resistance and then the 200 hour moving average at 1.19038, to tilt more the bias in the favor of the bulls/buyers.

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