Stall in London has been at a Thursday swing low
The EURUSD moved above the 100 day MA at around the 1.10008 level on Friday and extended up to a high of 1.10181 (that is the average today - see top blue line on the chart below). The price also extended above a topside trend line. The run higher on Friday fell short of the higher 200 day MA at 1.10315 (today's value). The extension higher and above technical levels failed.
Today, the price opened lower from Friday's closing level at 1.0975. The high today reached 1.09726. That was right around the Thursday high and a Friday swing lows at 1.0870-72 area. The ceiling was in and the price rotated lower.
In the London morning session, the low for the day reached 1.09229. A swing low from Thursday reached 1.09201. That area is the next target to get to and through.
On a break, the 1.0896 to 1.09067 is home to a number of levels including:
- Swing highs going back to April 16 to April 20. On Thursday, the price raced above that level and did not look back
- The 38.2% of the move up from the April 24 low at 1.09067
- The rising 100 hour MA at 1.09032.
That area should attract buyers on the first look.
Meanwhile, we currently trade within the London range with 1.09485 as the high and 1.09229 as the low (the current price is between those levels at 1.0933). The market is looking for the next shove below 1.09201, or above the 1.09485. For now, the chop is on between those levels with sellers trying to take back more control, but not able to run too far (for now).
