EURUSD bounces back toward resistance after sellers had their shot and missed

January 23, 2025
-FCHFX

January 23, 2025 at 07:44PM
The EURUSD sellers had their shot on Trump tariffs talk early in his Davos speech/comments. The USD moved higher and the price fell below the 100-hour MA (blue line in the chart below). That should have sent the price lower, but the break was short-lived. The price jumped higher.

That move took to the price back above two 50% retracement levels near 1.0403 (one on the hourly and one on the daily). The price extended to a swing area between 1.04326 and 1.0436 where the rise stalled.

So with resistance at the swing area up to 1.0436 and support at the 50% retracement levels near 1.0403, the buyers and sellers will now battle it out and wait for the next shove.

The video above will outlinte the next targets on a break higher or a break lower as well as the risk and bias defiing levels.

This article was written by Greg Michalowski at www.forexlive.com.

EURUSD bounces back toward resistance after sellers had their shot and missed

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