Price backs off from a cluster of resistance
The EURUSD moved up with the fall in the dollar into the month end London fixing, and in the process tested the key cluster of resistance defined by the 100 hour MA, a downward sloping trend line, and swing lows from March 25 and March 29. The price needed to get above that area to give the buyers more confidence. It could not get above that level. The levels were outlined in an earlier post here.
Bullish and bearish bias swings at key levels. The 1.17607 area was one of those levels. The price tested the area, and sellers leaned against the level. Holding increases that levels importance now and going forward. Be aware.
