EURUSD corrects to the 200 bar MA/50% of days range and stalls

The buyers tried to take back more control, but sellers kept a lid on the pairThe EURUSD tried to extend higher and in the process, the pair tested the 50% of the range today at 1.1754. The 200 bar MA was at 1.17565. The high corrective price reached 1.17564.

The hold does two things intraday. 

  • It keeps the bears/sellers in control.  The bulls/buyers failed in their attempt to take back control
  • It solidifies the 200 bar MA and the 50% as a key ceiling today.  Stay below is more bearish.
  • We are seeing a rebound back up toward the level as I type.  Buyers may not be giving up but the sellers still hold the biggest stick in this battle.  Risk is defined and limited at the key area.  Article Source

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