Did it BREAK higher and fail, or are we going back above the old ceiling
The EURUSD broke above the ceiling ar the 1.1379-86 area. The move above spent 8 hours above. Over the last two hours the price has moved back below that ceiling. The pair has been consolidating over 7 or so days until the extension higher today. The move back below the ceiling is a disappointment. Is that it? IS that all the market could do? Was that your best shot?
The line in the sand is back at the 1.1379-86. Stay below and the buyers may start to exit. Targets on the downside to get and stay below are the 1.1344 and 1.1328 area (a number of swing highs and a low floor there today. If that level is broken, we head back into the meat of the action. If the price stays above, the bulls still remain in control.