Forex technical analysis: EURUSD stalls after topside break

Technical Analysis

Author: Greg Michalowski | eurusd

Fresh momentum higher off support bullish, but stalling

The EURUSD did find support buyers against a lower trend line and the 100 bar MA (blue line in the chart below - see earlier post).  The momentum run higher took the price above the 200 hour MA at 1.23507, the 100 bar MA on the 4-hour at 1.23627 and a topside channel trend line. That last break seems to be a little too much for the pair, and we are seeing a rotation back toward the 200 hour MA (green line at 1.23507).

Holding keeps the trend alive. Move below and the buyers should turn to sellers on the failed breaks.


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