EURUSD extends higher today but backs off after break of 1.1000 fails

The EURUSD moved above the 1.1000 level and the swing high from early May (May 10 to be exact) at 1.1006. The high price it today reached 1.1011 before rotating back to the downside. Initial jobs claims remained elevated at 264K. The inability to stay above the 1.1000 level, may also be contributing to the rotation back to the downside.

Looking at the 4 hour chart, the support comes in at 1.0961 – 1.0972 area. That was home to some swing levels including last week’s high. Hold that level in higher still remain in control as the pair continues its move into the consolidation area that can find the pair from April 11 to May 12 (see Red box in chart below).

This article was written by Greg Michalowski at Source