Ceiling resistance stalled the rally.
In an earlier post, I outlined the cluster of resistance in 1.2932-39 area:
- The 50% of the last trend move down from the July high comes in at 1.2932.
- The high from August reached 1.2935.
- A topside trend line cuts across at 1.2939.
The high price reached 1.29311 and started to back off. Better US data helped to push the price even lower.
We are now lower on the day (closed at 1.2890) and looks toward support at the 100 hour MA at 1.2866. The low just reached 1.28703 and are seeing a little bounce (trade at 1.2879 now).
If the market is in a up and down feeling, this area should stall the fall. There is the broken 38.2% on the daily at 1.28675.