Technical levels define the extremes (for now)
The EURUSD traded at a low of 1.1759 in the late Asian/early European session. That low was able to extend below the 200 hour MA (green line) but stalled just below the 50% retracement at 1.17606. Buyers entered, and the price moved back to the upside.
The London morning session high reached 1.18226. That was just short of the 100 hour MA (currently at 1.18245).
The current price is trading at 1.1796 between those levels.
The extremes - as defined by the technicals - have been defined. For now, those extremes have held support and resistance. At some point there will be a break.
Drilling to the 5 minutes chart, the pair corrected toward the rising 100 bar MA and the 50% and found support buyers on the first look. That gives the buyers a bit of an edge in the early going. If the price moves below that area, the bias intraday would tilt more to the downside. The buyers are more in control now.
