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

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.