EURUSD moves away from ceiling and makes another consolidation range as NY starts the day
The EURUSD continued the consolidation overnight. Finally, in the London morning session, the price extended to the upside on a break above the double top at 1.5020.
The move higher has seen the correction of the new high come down to 1.5018 - just below the old high from Monday and Tuesdays trade. However on the topside, the market seemed to exchange one top for another.
Now there is a ceiling at the 1.5044/47 where a number of high bars have been established. This is not all that surprising as the high for 2009 comes in at 1.5062 and you tend to get the sellers against old highs - especially in “semi holiday” like trading (US honor Veterans of war today with banks, government offices and schools mostly closed although the stock markets are open).
Nevertheless,the ranges will of course be watched and holiday trading can have the effect of magnifying the moves. So watch the ceiling and watch the floor.
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