The EURUSD is back up retesting the resistance area

Technical Analysis

Author: Greg Michalowski | eurusd

The 1.1816-218 is being tested again

The 1.1816-218 was a swing low in December and again yesterday and earlier in May. That was until today. That floor was broken earlier today, and the price fell.  

However, we have seen not one, but now two rebounds back to the level. 

The first test held and the price moved lower. We just moved up to a high of 1.1814 and currently trade just below that level.

Does the sellers keep a lid on the pair at the key area again?  Key test. A move above and we should see more covering as the sellers groin and get out. PS a trend line on the hourly chart cuts across near the level now too (see chart below).


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