Technical Analysis


Swing low tested earlier

The EURUSD tested a lower swing area earlier in the day at the 1.07556-633 area.  Sellers could not push the price to and through the area. So sellers turned buyers and the price moved higher. 

Now the price has moved up to a upper swing area between 1.0832 and 1.0840.  The price I just moved to 1.0833.  Will the sellers now enter to cap the rally? 

Risk can be defined and limited against the area. Sellers/profit takers could lean.

However, if there is a break above, I would expect sellers to shift back to buying, and a rotation toward the 38.2% and the falling 100 and 200 hour moving averages. They come in at 1.0862 – 699 area.

Decision time for the market.

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