Forex technical analysis: EURUSD at key corrective resistance

Old floor ceiling being tested.

The EURUSD is up testing the 38.2% at 1.18262 and the old swing ceiling floor that confined the range through parts of August and September at 1.18225-275. The pair trades at 1.1828 currently.

This is a key area. The area is being pushed (the high did extend up to 1.1832). The buyers are trying to get more buying on board, but sellers against the area are also pushing.

The EURUSD back on August 25th broke above the area and retested it on August 31. ON September 13, the swing low could only get to 1.1837. On September 22 the low stalled at 1.18308. Finally on Tuesday, the area was busted.

Now if we get a move above the 1.1832 and then 1.1837, I would expect stops triggered.

Holding and a rotation back toward the 1.1800 level and the 100 hour MA at 1.1791 would be eyed as support.

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