US session high stalls just below the 100 hour MA keeping the sellers in control
In an earlier post, I spoke to the resistance against the 100 hour moving average (and 200 hour MA – blue and green lines), and support against the swing area between 1.1580 and 1.1586.
Sellers leaned against the 100 hour moving average. The US session high reached 1.1607. The 100 hour moving averages at 1.16073.
The move to the downside has now seen the aforementioned swing area between 1.1580 1.1586 being broken. The best case scenario for the sellers would be two stay below the 1.1586 level now.
On the downside, the 1.15710 swing low going back to October 18 is the next target. Below that and 1.15645 followed by the swing low from last week at 1.15455 and 1.15357 would be targeted.
This article was originally published by Forexlive.com. Read the original article here.