EURUSD Corrects Higher On The Day But Runs Into Overhead Resistance

Published date: .

The EURUSD has corrected higher on the day after the early session low stalled ahead of the Friday low at 1.11673. The low today reached 1.11674.  

Trend line and 100 hour MA stalls rally on first look

The run to the upside moved to a topside trend line and stalled. That trend line cuts across at 1.1221 currently.   That was also just ahead of the falling 100 hour MA (blue line) currently at 1.1228. 

Recall from last Wednesday and again on Friday, the price stalled right at/before that MA and each time, the price rotated back to the downside.  Needless to say it will take a move above that MA to solicit more buying. Stay below and the sellers are still holding on to control. KEY levels.  

If the price is to go higher keep an intraday eye on the 1.1200 area for support. The last intraday corrective low reached 1.1202. The 1.1206-12 is a swing area from June 12 and June 17.  

For bank trade ideas, check out eFX Plus