November 29, 2022

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EURUSD drifts lower after rally yesterday stalled near resistance targets

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Modest selling tests swing area

The EURUSD corrected higher yesterday and returned to test a swing area from Thursday/Friday between 1.19219 to 1.19255. The high price reached 1.19207 (see red numbered circles).

Modest selling tests swing area

Today, the early Asian session highs could not make a run to and through that area. Sellers were content to lean against the area.  Eventually, the price rotated lower, drifting toward a lower swing area from Wednesday, Thursday and yesterday between 1.18846 and 1.18906. This time the price did dip below that area to an intraday low at 1.18803, but downside momentum has stalled the fall and the price trades above the swing area at the start of the New York session.  It will take a move back below the 1.18846 level to increase the bearish bias.  Stay above, and the bias is consolidative and waiting for the next shove for the pair after the sharp fall yesterday with 1.18846 as support below and 1.19255 as resistance above (PS the falling 100 hour MA at 1.19322 is also a key level to get above if the buyers are to take more control). 

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