Swing area between 1.1767 and 1.17748

The EURUSD cracked above a swing area between 1.1767 and 1.17748 earlier today on it's way to the session at 1.1797. That was near a corrective high from September 21 and the natural resistance at  1.1800.  The market stalled and with stocks losing some momentum, the “risk on” sentiment has as well (the EURUSD has moved lower).

The price of the EURUSD has backtracked toward the swing area at 1.1767 to 1.17748. The broken 61.8% is within that area at 1.1772. The high from last week at 1.1769, is also within that area.  

Drilling to the 5-minute chart below, the rising 100 bar MA is getting close to the price (currently at 1.1773).  The pair earlier fell below an upward sloping trend line helping to tilt a little of the intraday bias lower.  A move below the 100 bar MA (and stay below) would be another chink in the bullish armor, the 38.2% and 50% of the last trend move higher as other targets (at 1.1767 and 1.1758 respectively).

 

EURUSD on the 5 minute chart
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