The correction higher stalled at the broken 38.2% and stalled ahead of the 100/200 hour MA
The EURUSD has corrected higher in trading today, but it has run into a cluster of resistance. The broken 38.2% of the move up from the October 15 low comes in at the 1.1107 and that stalled the rally.
Above that sits the 100 hour MA at 1.1112, 200 hour MA at 1.1116 and 100 day MA at 1.11241. There is a lot of overhead resistance.
On the downside, 50% of the move up from the same October 15 low comes in at 1.10848. That is the next target on the downside to get to and through. Below that the low from Friday at 1.1072 and then the 61.8% will be targeted (at 1.10626). A lower trend line is running away to the downside and is at 1.1051 currently (and moving lower). .
