Watching 1.0898-1.0906 as risk defining area now
The EURUSD is trying to keep a new lid on the price in trading today. I am looking at the 1.0921-287 area as that lid. Yes, the price did have a quick wander above that level in trading today, but sellers came in near the 100 hour MA and the underside of the broken trend line. The next high (after breaking back lower), reestablished the defined area as a ceiling. Sellers seem to be getting more comfortable below that ceiling area.
.
Is there a closer risk level?
Watch the 1.0898 to 1.09068 to solicit sellers if they are to remain in control. In the area are the 100 and 200 bar moving average on the 5 minute chart, the 38.2% -50% retracement of the days trading range, and the closing level from yesterday at the 1.0905. (see chart below). This would be a risk area for traders now. A move above would muddy the waters for the downside idea and could then see a retest of the aforementioned 1.0921-28 resistance area.
