Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

EURUSD backs off from upper resistance target

A.R Chowdhury by A.R Chowdhury
September 1, 2021
Reading Time: 2 mins read
0
EURUSD backs off from upper resistance target

The swing area from 1.18507 to 1.18568 stalled the rally

The EURUSD has backed off an upper resistance target that comes in at 1.18507 to 1.18568.  I outlined that level in an earlier post here and here. The high price today stalled at 1.1856.  Target reached. Sellers leaned.
The swing area from 1.18507 to 1.18568 stalled the rally

The price has moved lower and the pair currently trades at 1.1843. That it is also below the high price from yesterday at 1.18446.

There is a chance that sellers probe lower especially if the high from yesterday (and the 1.18507 level too) starts to find sellers against the level.

Looking at the 5 minute chart below, the pair tried on a few separate occasions to get above the 1.18568 level (see green numbered circles in the chart below). The last attempt saw the price move down to test yesterday’s high, bounced modestly back up to the 1.18507 level, but found sellers against the low of that swing area from the hourly chart.

The price has now moved below the high from yesterday and looks toward the 100 bar moving average on the 5 minute chart at 1.18372 currently (moving higher) a move below the 100 bar moving average could see additional profit-taking/selling.

EURUSD on the five minute chart

The pair is not running lower.  However, with the target finding resistance sellers, traders have to be aware that the momentum may start to fade a bit.  Time will tell
Invest in yourself. See our forex education hub.

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post
Technical levels to eye in the new trading day

Technical levels to eye in the new trading day

NASDAQ closes at a record high for the 33rd time this year

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

USDJPY retests 100 hour MA as it continues to waffle (but above the MA)

June 16, 2020

S&P and NASDAQ close at record highs

August 24, 2021

EURAUD the weakest of major crosses today

April 4, 2022

Popular Stories

  • New highs for US stocks. The Nasdaq continues to lead

    New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • Bitcoin technical analysis, bulls might be giving up soon

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.