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.

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