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Forex technical analysis: EURUSD moves toward resistance area

Discussion in 'Technical Analysis' started by ForexLive, Apr 15, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Back to the scene of the break On Wednesday, there was the push below swing lows and then one final test (see blue circle 5) before taking off to new lows at 1.1233. The weaker consumer confidence has pushed the EURUSD back higher/the dollar lower, and that has led to the EURUSD moving back toward that break area. Adding the MAs (4-hour and hourly) and the 38.2% retracement level) and you have overhead resistance that should find sellers with stops above. A move back above the 1.1336 level will not be good for the shorts up here.

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