As outlined in the morning video (and ones from yesterday as well), the EURUSD faced upside resistance in the 1.0339 to 1.03688 area on the daily chart.
Recall that swing lows from 2020, May, June, and early July of 2022 formed day floor area between 1.03395 and 1.03857 until it was broken in early July. The pair has remained below that level since the break.
Yesterday, the pair tested that swing area and also the 50% midpoint of the move down from the end of May high at 1.03688 and found willing sellers.
Today, the price just moved up to a high price of 1.03638 and once again found sellers leaning against the key topside target.
The price has rotated back down to 1.0336 currently near the lower end of the swing area.
Buyers are taking their shots but sellers have warded off the advances. As a result of the sellers above, the bias has shifted to more neutral in the pair from a technical perspective. Buyers wil ultimately need a break and stay above the aforementioned levels to continue their technical advance to the upside.
