The EURUSD fell into the ECB rate decision and press conference.. The low price reached 1.15463. That was within 5 pips of the double bottom from early October at 1.15413. Early buyers leaned against the lows, and the price has pushed higher.
The rebound took the pair back into a swing area between 1.15760 and 1.15929. The price reached 1.1583 before rotating back lower. The current price is trading below that swing area at 1.1568 keeping the sellers in control.
Going forward as long as the price to remain below the swing area up to 1.15929, a push back down toward the lows for October can be expected. Breaking below that level, would open the door for increased selling toward the 1.1500 area
This article was written by Greg Michalowski at investinglive.com.