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EURUSD drops to daily lows.


Prices hold below resistance levels today, keeping sellers in check

EURUSD fell back testing daily lows near 1.12354. This happened after the correction from the low to the price returning to resistance near 1.12633 (the high reached 1.12647 and reversed lower). The sellers remain under control.

Earlier today, the high price stalled near another swing zone between 1.12876 and 1.12923 (see green numbered circles). Staying below this level has given sellers more control.

Are buyers winning? Not at all.

What would change the feeling?

Getting back above 1.2633 and then the 1.1287 to 1.1292 level would be the first step. The next requirement would be for buyers to take the price back above the 100 hour moving average (blue line). This level stands at 1.1313. The price on Thursday and Friday of last week attempted to expand above this moving average, only to retrace below and fall.

Buyers don’t win. The sellers are in control.

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