EURUSD pushes against swing area resistance | Forexlive

In the morning forex report (if you don’t watch it daily, you should), I spoke to the swing area for the EURUSD between 1.0578 to 1.0585 (and up to the 38.2%).

Buyers – if they were to push higher – needed to get above that area.

The high price today stalled against the high of the swing area. The price rotated back down – from that peak – toward 1.0564 which was a swing low going back to March 1. That level was broken on Tuesday.

The price is back higher currently and once again trades between trade between the swing area.

Overall, the story remains the same for the EURUSD. Get above the 1.0585 level and the 38.2% retracement of the week’s trading range and 1.05885, and it opens the door for further upside probing. The 100 and 200 are moving averages are other targets between 1.0602 and 1.0686.

Conversely, if sellers continue to lean (with stops above), a move back below 1.0564 (and stay below), would give the sellers more comfort.