The EURUSD moved into a topside range from back in September/October 2024 yesterday between 1.1001 and 1.1213, and has increased the momentum in trading today. THe high price extended to 1.1098 just short of 1.1100 natural resistance. Since then, the price has moved lower and back below the low of the swing area at 1.1001. The current price is at 1.0989. The low reached 1.0960.
Technically if the price can now stay below the “Red Box” and the swing area at the low of that box from 1.1001 to 1.10145, the sellers are “in play” with hope. Move back above, and the sellers could lose interest quickly and buy back – especially going into a weekend.
On the downside, the next target is
- 1.0936 – 1.0954 (swing area on the chart above)
- 1.08586 (100 hour moving average)
This article was written by Greg Michalowski at www.forexlive.com.