50% of the recent run higher this week stalls the fall today
The EURUSD moved to the highest level since June 11 earlier today and in the process extended above a swing area ceiling in the 1.13449-527 area.
That break saw the price move to a high of 1.1370. The price stayed above that area for 5 or so hours before falling back below and running to an intraday low at 1.13157. That low was just above the 50% retracement of the recent move up this week (from Tuesday's low). That level comes in at 1.1314. Staying above keeps the buyers in control (PS a swing low from the New York session yesterday also bottomed near that 1.1314 level).
The price has since returned back to the swing area. The most recent hourly bar has a high price of 1.1347. So far sellers have leaned against the area and kept the price rise confined. It will take a move above the 1.135272 level II likely trigger more buying interest (I. E., see if the 2nd break does more). Until then, intraday sellers might look to continue to lean against the low risk level at 1.13527 with stops on momentum above.
