Swing lows between 1.15237 to 1.15455 stalled the fall today
The EURUSD opened in the US session near the high of a cluster of swing lows from October between 1.15237 and 1.15455. The initial US low stalled at 1.1542 - just below the high swing level at 1.15455.
The subsequent move to the upside took the price up to test another swing area between 1.1562 and 1.1571. The high price on the corrective move higher reached 1.15725 (just a pip or two above the higher level), and backed down.
Sellers pushed the market to a new low, but found support buyers near 1.15282. That level was a swing low going back to October 6, and just ahead of the October low of 1.15237.
Since then, the price has moved back above the 1.15455 level. The current price trades at 1.15524. So sellers had their shot to crack below the October low, but all the swing lows proved to be too much - at least today.
Into the new trading day, traders will be eyeing the 1.1562 to 1.1571 area again and also the falling 100 hour moving average which is currently at 1.1580.
That 100 hour moving average stalled the rally on Monday, and failed on a break above on Tuesday. Yesterday, there was another push above both the 100 and 200 hour MAs to a new week high at 1.1615. However, the strong selling today, took the wind out of the sails of the buyers until the cluster of lows were tested.
The inability of the sellers to take it below the October lows will keep them in play, and sets up the battle in the new day between resistance between 1.1571-1.1580 above, and support between 1.15237 to 1.15455 on the downside.
