December 9, 2022

Forex Solution

Learn To Trade Forex

Buyers making a play in the EURUSD now. Can they keep the momentum going?

1 min read

Intraday sellers had their shot at NY session lows, and missed

Keeping things simple, the EURUSD trended higher into the early NY hours of trading.  However, momentum faded, and the price moved down and back up between swing areas at 1.2204 below and 1.2223 above.  

Intraday sellers had their shot at NY session lows, and missed

As London traders were getting ready to leave for the day, the price triggered stops below the lower extreme and scooted to a low at 1.21955.  The subsequent rise back higher tried to stay below the 1.22063 level, but once that gave way, the intraday sellers turned back to buyers. The price moved toward the upper extreme again at 1.22231.

Now the price is back above the upper ceiling (which is really the drop ceiling from the real high for the day) at 1.22231. 

The buyers are making a play. The question is….Can they keep the momentum going?

Taking a broader look at the daily, the 1.22424 would be the next key target on the daily chart on a new high. That is the swing high going back to February 25. Move above that, and the bullish door opens further. The high for the year is up at 1.23488.  That is the highest level going back to April 2018.

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