Technical Analysis

EURUSD backs off ahead of the lowest target

High extends to 1.18054

The EURUSD approached the low of a resistance area at 1.18147. The high price reached 1.18054 and backed off. The current price is back at 1.1777.  

Looking at the 5 minute chart, the fall saw the price fall below the 100 bar MA, but found support buyers against its 200 bar moving average near 1.1751. The low price reached 1.17493 and has bounced.

Given the quick run to the downside, it seems sellers were anxious as the price reached toward key resistance. Has the move lower given buyers and longs some concern? Supported hold intraday, but the quick run lower (about 50 pips) may make the sledding a little bit tougher to the upside.

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