On the flip side, the swing area around 1.39054 represents a significant ceiling. This level has capped upside attempts, with at least eight recent tests (as support or resistance), with more recent highs stalling rally's at that level (see red numbered circles six through eight). A successful break and close above this ceiling would increase bullish bias and likely attract additional buying interest. There is a swing area between 1.39458 and 1.39785 along with the 100 bar moving average on the four hour chart at 1.3972.
For now, traders are watching for a breakout from this tightening technical structure, with the 100-hour and 200-hour MAs acting as support, and the swing area at 1.39054 acting as resistance. Traders wait for the next shove.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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