Tested and held key resistance on correction earlier
The EURUSD fell outside the Red Box defined by 1.0777 on the bottom and 1.1465 on the top in yesterday’s trading. In reality the bottom extreme is an area. That area I defined between 1.0777 and 1.0821. Why there? Because there have been a number of swing levels in that area going back to May 2015. Yes, there were breaks – last year in November and for two days in January 2016 – but that area held the lows otherwise.