February 2, 2023

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EURUSD moves up to test close intraday resistance

1 min read

Finds some sellers for now

In the earlier EURUSD post I pegged the 1.2088-89 as a close intraday resistance level on a move higher. The level has stalled the rally (high came in at 1.20892).  

Finds some sellers for now

There has been some modest selling off the level. It’s just a few pips (the price is down to around 1.2083), but there is some reaction that may give the sellers something to build on.

Of course, the downside targets also remain the same for the pair. The 38.2% of the move up from last week’s low at 1.20693, followed by the key 100 day MA at 1.2055 and the rising 100 hour MA at 1.20474 (and moving higher) would ultimately need to be broken IF the sellers are to take more control.  Absent that, or if there is a move back above the 1.2088-89 level, and the buyers are the dominant for the pair. 

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