The EURUSD reaches the July highs and backs off
The move to the downside has reached a lower trend line at 1.18549 and is trying to stall.
In the earlier post, a move below the swing area at 1.1801-089 and then the 100 and 200 hour MA would be needed to take the “bull” out of the market.
However, since the high could not be broken, that has helped to take “some bull” out of the market price action. Simply put, the momentum could not get above the old high target. If a target can not be reached/passed, a correction is likely. So, momentum faded in the EURUSD and sellers – leaning against the upside target – held on to win a battle against the buyers.
A move below the trend line would give the sellers a little more comfort. Then the swing area at 1.1801-089 can be eyed, along with the rising 100 hour MA.
What if the trend line holds?
The buyers are winning and we could see another run to the high.