EURUSD reverses higher. Technical resistance lines up at the 1.3601 level. Look for the market to pause there.

The price has now broken through the 100 bar MA on the 5 minute chart at 1.3580 and squeezed to a high at 1.3591. The 200 hour MA and the 200 bar MA on the 5 minute chart both come in at the 1.3601 levels and this should solicit profit taking resistance above. It also is the 38.2% retracement of the move down from the high yesterday to the low today. However, the bounce off the lows is impressive and this may keep the market better supported as the market seems concerned about the stock market and Cisco. Additional support comes in below at 1.3567.





No Responses to “EURUSD reverses higher. Technical resistance lines up at the 1.3601 level. Look for the market to pause there.”
Add a comment