Has some trouble against an old swing area
The EURUSD in the NY session moved lower into defined support at the 1.11639 area. At that level is the 38.2% and the swing high from last week.
As mentioned in an earlier post, “I would expect decent buying there (by patient buyers) on the back of the dual technical levels”. The low for the day reached 1.1167, just a few pips away from that support level PS the 100 bar MA on the 4-hour was just above the lows today too (blue line at 1.11701 currently).
The rally off the lows took the price into a resistance swing area going back to early July in the 1.1199 to 1.1207 area. Traders used that area to stall the rally (high reached 1.1205). The “old” swing level became resistance.
The price action is quieting down as the day moves tower the close, but technically, those two areas are now defining levels for traders. A move below the 1.1163 area should be more bearish. A move above 1.1207 should be more bullish.