The price cracks back below 1.18019 level

The EURUSD has just broken back below a swing area between 1.18019 and 1.18043. Recall from last week that area stalled rallies on July 19, July 20, July 21. On the the ECB decision day on July 22, the volatility took the price above and below the area in what was a choppy trading day.

The price cracks back below 1.18019 level

In trading today, the area was once again broken and then held support before moving to the high for the day near 1.1817.  However, the fall back below the area has now tilted the bias a little more to the downside (on the back of the failed break) with the 200 hour moving average at 1.17934 another key level for buyers and sellers. Break below that level, and selling should intensify.  

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