The EURUSD buyers gave up as Europe and London exit stage right. The price is back in range as it has moved back below the 1.2582 key level and has even traded below the midpoint of the days range at 1.2564. As NY heads toward it’s summer final long weekend (Labor Day on Monday), I would expect activity to quiet down. The next support target is at the 1.2545/47 area where the 61.8% and the 200 bar MA on the 5 minute chart is found.
Looking at the hourly chart, the 100 hour MA is at 1.2533 and this too is support now.
