Forex technical analysis: EURUSD found its next resistance target and backed off

Technical Analysis

Author: Greg Michalowski | eurusd

MAs and 50% stalls the rally

The EURUSD rallied higher in Asian-Pacific and London morning trading. The move to the upside reached a cluster of resistance defined by the 200 hour MA, the 100 bar MA on the 4-hour chart and the 50% retracement of the move down from the Jan 31 high. That area comes in at 1.2351-1.23625.  The high price reached 1.2355 today.


Drilling to the 5-minute chart, the corrective move has moved down to test its 100 bar MA, 38.2% and trend line and stalling a bit at the level.   


So a battle is being fought with the topside cluster of resistance and the intraday MA, retracement and trend line providing support.   Traders short from the resistance above will be looking for a break below.  Traders who like the EURUSD long view, will want to now see that support broken.  Fight on.

For a video view:



------------------------------------------------------------------------------------ 

Savage crash - RIP Cryptocurrencies? Five insights from the ASAC Fund. 



By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose