Closed at 1.2728 yesterday
After the EURUSD successfully tested and held below a cluster of resistance between the 200 hour MA at 1.1967 and the 50% retracement of 1.19739 (see earlier post), the sellers have now pushed the price back down to test the close from yesterday at 1.1928. The low just reached 1.19274 and bounced modestly.
A move into the red, would have traders looking to complete the up and down lap for the day at the session low at 1.1915. Below that and the upward sloping trend line would be the next target at 1.1904 followed by the the 100 hour MA at 1.18982.
Hold the close and move back above the broken 38.2% and we could see the ups and downs continue with more upside momentum.
