Still up on the day for the EURUSD
The EURUSD corrected higher today after an Asian dip could not reach the 61.8% retracement at 1.12689 level (will be a target today). The move higher did find sellers near swing levels from June 20, June 21 and yesterday at 1.13164. The high stalled at 1.1319 before reversing back lower.. The pair just reached 1.1290 which was about 4 pips from the close from yesterday at 1.1286. We currently trade back up at 1.1297. The 50% midpoint of the move up from the June 18 low comes in at 1.12962.
Recall the pair yesterday ran from the 200 day MA (at 1.1339 today) and the 200 week MA (at 1.1345 this week). That weakend the intermediate bias on the breaks.
For today, a move into the red today, and below the 1.1282 level would have traders looking for another run at the 61.8% target at the 1.12689 level. Below that the 100 day MA at 1.12588 has been a swing level for bulls and bears (see blue circled numbers). I would expect buyers (if tested) to lean.
If the aforementioned support is not broken (stay in the black), the trend line above will be eyed. It comes in at 1.1318 currently (and moving lower).
Drilling to the 5 minute intraday chart, the 100 and 200 bar MA has been a bias barometer today. Stay above keeps the buyers a little more charge today.
