EURUSD starts to climb toward topside resistance levels
The levels are lining up
The EURUSD has moved above the 1.2251-60 area as there is more dollar selling on China trade concerns (especially as we now head into the weekend). The 1.2251 will now be a risk level for longs.
The pair climbing toward resistance levels now.
- Topside trend line comes in at 1.22685
- The 100 hour MA comes in at 1.22759
- The 1.2281-847 are swing level from March 29, 30, April 2, April 3 and April 4th before the market got more choppy (see red circles).
- The 200 hour MA at 1.23104 and the 38.2% retracement at 1.2314
The price action has been stepping lower. When you have a rebound, the trend lower leaves a bunch of levels to get to and through. Those are the roadblocks, but they can also give more momentum to the correction on breaks.
Right now with the price back above the 1.2251-60 area, if you like the dollar sell idea, that is the risk. Stay above and start taking out the targets. If one is taken out, move the stop up.
The 100 hour MA is being tested…
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