Pair moves up to key resistance target and backs off
The EURUSD moved up to the 100 bar MA on the 4 hour chart (at 1.1822), and an area that has defined swing levels going back to August (see red numbered circles) That area comes in between 1.1822-175. The high just reached 1.1825 and backed off a bit.
So there is a rally as the market breathes a sigh of relief that there was not a full declaration but an invitation for dialogue. However, there is a technical resistance level that traders are leaning against to stall the rally. A move above should solicit more buying but until then the traders may be happy to just lean with a stop above, in a "buy the news, sell the fact" reaction.
