Down and up day held support in the EURUSD
The EURUSD moved down and back up in trading today. The earlier dip for the day moved to test the 100 and 200 hour MAs (blue and green lines currently at 1.11796 and 1.11732) and the 38.2% retracement of the move up from last week's lows at 1.11732. The low bottomed at 1.11749.
The run higher did extend the narrow trading range for the day to 23 pips, but it too stalled. We are currently trading near mid-range, and down on the day at 1.11838 (closed at 1.1191).
The 1.11732 level with the 200 hour MA and the 38.2% retracement is key for the buyers (and the sellers as well). It is a barometer for the trading day. A move below the 100 hour MA (blue line) will tilt the favor more to the downside.
On the topside, the high for the day could not get above the 1.1200 natural resistance level (high reached 1.1198). Before that, moving back into positive territory can help the traders bias. The current hourly bar, did move back into the black, but the price backed off.
So... the buyers may be holding onto support at the 1.11732 level, but the sellers are holding their own as well. The battle is on, with buyers and sellers looking for shove outside the technical levels and hopefully give the price action in the direction of the break, a jolt.
