Technical Analysis

EURUSD chops around in trading today but holds support

The EURUSD is higher. Corrected to the support.  Still looks good

Overall the price action today in the EURUSD was up and down.  

However, given the sharp rise off the lows last week., it needed some consolidation. That is what it did today. 

There is some a battle going on however, that is encouraging for those looking at to sell, AND those happy from the buy side.

For the sellers the 100 day MA stalled the rise in trading today. That MA comes in at 1.1275. The high price today reached 1.12768. Close enough for the sellers.  

For the buyers, the corrective low today stalled just ahead of support at 1.1223-25. That area was home to swing highs from May 15/16.  Yesterday that level was broken and the market scooted higher. The low today reached 1.12258 – just above that support area. Close enough for the buyers.

So technically, there is something for the bulls and the bears with traders leaning on either extreme. It will take a push above or below one of the extremes to get out of the chop. Until then, traders may continue to be patient and trade the range.  

ForexLive

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