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EURUSD playing the up and down range...

Support at the lower trend line. Resistance at 1.1534

I am doing a lot of "in the prior post" today, but in the prior post , the 1.1490-1.1500 level was a key support level technically. "Staying above is key for a bullish move".

So the price dipped to 1.1490 technical support level, and rallied higher.

On the topside, the resistance at 1.1533 remains. It is equal to the old swing high going back to February 3rd, 2015 (yes 2015) and in an earlier prior post I outlined that level too. The price just returned to a few pips of that level (high reached 1.1532.

So what does that tell us?

Buyers below on support.

Sellers above against resistance.

Overall, the buyers remain more in control. When the price moves higher, the burden is on the sellers to take back control. Buyers can turn to sellers at resistance levels like we are testing now at 1.1534, but on a break, those sellers should cover as it would be... breaking.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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