What does the price action in the EURUSD tell us about what’s ahead?

The EURUSD is lower and in the process moved through a technical support level in the Asian session between 1.05617 and 1.05645. The subsequent fall took the price to another target area between 1.0522 and 1.0531. Support buyers came in against that area on 3 separate tests today.

The subsequent moves to the upside found early sellers ahead of the higher swing area (up to 1.05645). We are currently moving back toward that area with the price at 1.0556.

So with lots of ups and downs intraday and support holding and resistance holding, traders have defined the range. For sellers, look to lean against 1.0564. For buyers, look to buy against 1.0522. On a break look for momentum in the direction of that break.

This article was written by Greg Michalowski at www.forexlive.com. Source