The euro continued to rally against the dollar this morning after breaking above the downhill yesterday, taking recent summits Friday early in the session before running into trouble around the simple moving average 50 days.
This was always going to be a difficult obstacle, with the pair having traded below here for almost a year and failed in his attempts to break into two or three occasions
The fact that it fell on a round figure -. 1.09 - was never going to help either that these levels tend to carry some psychological importance. Especially if we saw support and resistance around them before, we repeatedly.
But I'm not convinced we've seen the last assault on the 50 day SMA. As you can see in the graph below 30 minutes, the correction of the failed rupture led to the formation of a possible double bottom.
Of course, the neckline will need to be broken before it is finished, but if it happens, he suggests - based on the size of the training -. we could see a move to 109.50, a significant break of the 50 day SMA
If this happens, it could open a move back toward the high end and would mean the two conditions mentioned Wednesday (EURUSD - Pause Lower increasingly likely) have been met that would make me Brace for greater correction to the upside. The only thing left now is for the pair to break above the trading range lasted a month through 1.1050.
* The above information can be found in the Forex Labs section of the website.
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