Trend line stalls the fall. Can last week's highs now keep a lid on the pair?

Technical Analysis

Author: Greg Michalowski | eurusd

If the EURUSD can stay below the 1.1338-436, the sellers remain in control

The EURUSD fell toward a trend line support level at the 1.1323 level earlier in the NY session AFTER breaking below the swing highs from last week at 1.13436 and 1.1338. That break stalled at a lower trend line and has bounce back toward those highs.

If the EURUSD can stay below the 1.1338-436, the sellers remain in control

The question now technically is "Can that swing highs from last week stall the rally?"

If so, there should be another run and break of the trend line. After that the 100 hour MA at 1.13147 will be eyed.  

So key test now. Look for sellers to try and put a lid on the rally.  If successful, look for lower targets to be explored going forward.


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