Above a swing area
The EURUSD has moved higher with the general dollar selling, on the back of the Supreme Court decision that states can collect sales taxes for online purchases without a physical presence in that state.
The pair is moving away from the 100 hour MA (blue line) at 1.15854. That is more bullish. It also moved above a swing area at 1.16168-264 - at least for a moment.
The bad news for the bulls is the price has just dipped back below that swing area in the volatility.
Traders who are long would want to see the yellow swing area "retaken" via a move back above (and stay above). If not, we could see a drift back toward the 100 hour MA. We are back down to 1.1605 as I type.
The decision will be a windfall to the states. For consumers, the net cost takes money from them and puts it in the state treasuries coffers (pay back debt?). It also helps the brick-and-mortar stores as they have been at a competitive disadvantage by the amount of the sales tax (just to start that is). The decision levels that playing field.
The question going forward are "Will consumers go to the malls instead?" That is questionable when your "stuff" can be sent direct to your door.
The markets are calming down a bit as I type, with support at the 1.15858 (100 hour MA). and resistance at 1.16168-264 area. Stocks are off lows as well.