Has key overhead resistance above
I have been harping on the area between 1.1100 and 1.11115 recently. For those that have missed the reasons.
- The lows in April, May and again at one point in July bottomed at 1.1100 to 1.1109
- The broken 61.8% retracement of the August range is at 1.11115.
The price over the last 3 to 4 days have traded marginally above the area. Nevertheless, if the area can be broken – and remained broken – the sellers might feel inclined to lighten up more (PS the 100 hour MA is at 1.11055 now too).
Helping the buyers is that the low today stalled at a swing target area at the 1.10658 to 1.10707 area (see earlier post). The price needed to get below but could not muster the “shove”