Can the buyers keep the momentum going.
The EURUSD fell into the close yesterday but the fall stalled at support at the 1.0882-85 area. The 50%, a trend line and swing lows came in at that area. When the GBPUSD took a run lower, the EURUSD followed reluctantly. All that support was broken. The price SHOULD have gone lower. It did but only by to 1.0874 (8 pips below support). The price recovered back above the technical levels, and the sellers turned back to buyer on the big fail.
We just traded to new session highs. In the process, the range for the week was also increased. We were at 66 pips. We are now at up to 71 pips. I know....big deal, but buyers are trying there shot at a break. The sellers failed. Will the buyers be successful?
What keeps the buyer successful?
For me, my eyes are on the 1.0922-247. That area has been a floor and ceiling going back to April 25th. Yes, we have had breaks. Yes, those breaks have failed with a ceiling at the 1.09466 to 1.0950 area. Yesterday, the high reached 1.0936.
If the buyers are to be successful and show they want more control, staying above that area will be my line in the sand. Stay above and the buyers are being successful. If so, the buyers can work on taking out the ceiling at the 1.0946-50 area.