The EURUSD has moved to a new high for the day and in the process is looking to test the next swing area between 1.1341 and 1.13458. On Wednesday, the high price reached 1.13458. Other swing highs in that area came on December 22, December 23, December 24 and again on December 30 (see red numbered circles). Get above the area and traders will start to look toward the 1.1354 – 1.1359 area.
Overall, the pair still remains within the up and down swing area. It is just moving toward the upper extreme(s) now.
Can the buyers keep the momentum going or well they use this swing area as a profit taking area where risk can be defined and risk can be limited?
Credit: www.forexlive.com – Source link