Forex technical analysis: EURUSD works toward the resistance area
Ping pongs back and forth
The EURUSD is moving back toward the highs of the day (and yesterday). I have been earmarking the 1.1776 level (200 week MA). The 100 hour MA has caught up to the price at 1.17665 and there have been swing highs at 1.1761 to 1.1763 over the last few days as well.
Putting things into perspective, the price action over the last few days has followed the script - for the most part - with a few little exception.
At the high the 1.1776 level has been a ceiling. The highs have reached 1.1769 and 1.1770.
On the downside, the 1.1711 was the old swing high from August 2015. The price has moved below that level both yesterday and again today. The bounce off the breaks were fairly quick (see red shaded areas).
So the ping ponging continues, with the old caveat....at some point an extreme will be broken with momentum. Right now, the price is volleying back and forth.