The EURUSD bouncing modestly on the day ...Middle East

On the hourly chart, the European morning rally extended toward another important resistance zone—defined by swing highs from August between 1.1730 and 1.17419. Sellers leaned against the upper edge of that area, with the session high stalling at 1.17421. The pair is now trading back within the zone near 1.17336.

Conversely, if sellers continue to defend the July highs, focus shifts back to the lower swing area between 1.1692 and 1.17028. A break below this zone would weaken the near-term bias and turn attention toward the converging 100- and 200-hour moving averages, currently clustered around 1.16698. A move through that level would signal a deeper corrective phase and invite additional downside pressure.

This article was written by Greg Michalowski at investinglive.com.

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