Ceiling at 1.2174 – 1.2177
The EURUSD price has moved back below the December ceiling broken earlier today. That ceiling comes between 1.2174 and 1.2177. The high price reached 1.22113, but started to rotate back to the downside. However, the low stalled ahead of the old ceiling - until recently.
The question now is do the buyers turn to sellers using the old ceiling as resistance.
On the downside, there is a support at 1.2158. That trend line held until yesterday when the price extended below the level only to bounce back an hour or so later and reestablish the line as support today (see red numbered circles). Below the trendline the 100 hour moving average at 1.21473 is another key target to get to and through if the sellers are to take back more control.
