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Forex technical analysis: A move higher in the EURUSD stalls quickly

Discussion in 'Technical Analysis' started by ForexLive, Sep 7, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Tests 61.8% and prior swing lows above and fails. 100 hour MA tested on the downside now. The EURUSD "raced" higher to an intraday high of 1.1271 level but quickly reversed back lower. The move came after the better than expected JOLT job openings report. So it raised a few eyebrows. In any case, the high peaked just short of the 61.8% of the move down from the August 17 high. The pair also had a couple swing lows on the hourly chart from August 22 and again on August 25th in that area (see blue numbered circles in the chart below).

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