The squeeze continues in the EURUSD. Tests high from yesterday
The EURUSD has moved toward the high from yestreday at 1.11797, AND the falling 200 hour MA not far from that level at 1.11816. The 50% of the move down from the May 13 high comes in at 1.11847. Safe to say, the pair is running into a cluster of resistance that extends from 1.11797 to 1.1187 (high from Tuesday's trading).
Do sellers lean on the first look? They are trying to catch a falling knife (or rising knife in a vacuum without gravity). Why not? Especially for those who have run the pair higher today. However, if the area is broken there could be more momentum. In addition, there is support below (100 hour MA and trend lines) that should be support now....
Source: https://www.forexlive.com/technical-ana ... a-20190523
