Forex trading: EURUSD runs toward a key resistance area

Technicals helping the run to the finish.

The track and field events at the Olympics don't start until next week (why is swimming/gymnastics/volleyball so captivating once every 4-years and I could care less at other times?  Love it), but the EURUSD ran it's own race today as it ran sharply (relatively) higher in trading today. 

Giving the pair a boost were the technicals. 

The pair started it's race higher on a move away from the 100 hour MA in the early Asian Pacific session.  In the London morning session, the pair was pushed out of the blocks as traders leaned against the 200 hour MA and the 50% retracement (which was broken).  That start was the catalyst for a 50 pip run up.

Now what?

You see that red trend ("finish") line cutting across on the hourly chart?  If you zoom out and look at the 4 hour chart, that sloped trend line represents the trend line coming down from the pre-Brexit high (on June 24). It cuts across at 1.1193 area. The horizontal line isolates an extreme from August 2/August 3. That extreme stalled right at the 100 day MA (blue line marked D1).   The horizontal "remembered line", is also where there were other swing highs/lows going back to mid June (see chart below).

So the race has been on, but we are at a finish line that may stop the race or at least stall it. A break above will likely pick up the running again though (i.e., stops) with the next finish line at the 100 day MA (again). That level comes in at 1.12294 today.  

On corrections,traders will be watching the 1.1153-59. You remember that level? It helped define a top and bottom going back to late June.   

Runners take your marks. Get set.  BANG!