New high today stalled near September 10 swing high
The EURUSD traded to the highest level since September 10 earlier today. The high price reached 1.19195. The September 10 high reached 1.19165. The inability to push higher has turned buyers and sellers. The pair just reached a news day low at 1.18514. The underside of the broken trend line comes in at 1.1834 (and moving lower (see chart below).
Drilling to the hourly chart below, the swing low today just reached a swing low from Friday's trade after the nonfarm payroll report. That level came in at 1.18505 (the low today was within 1 pip of that level). If the price is to continue lower, getting below that level and staying below would be eyed.
ON the topside, close intraday resistance comes in at 1.1864 to 1.18695. Watch that level now. Stay below keeps the sellers in control as they try the downside.
Of course, price action is volatile in the pair today. The pair has it's share of ups and downs. The range is only 68 pips within that up and down range. The average over the last 22 days is close to 80 pips. So keep in mind, that traders are a little unsure as to what next (the daily target being hit is an influence but so is support). Sellers are making a play, but with work to do.
