April midpoint level is 1.08576
The EURUSD is higher on the day with the pair trading back above the 100 hour MA (at 1.08177), and a downward sloping trend line from the April 15 high in the Asian session today.
The price has been waffling in the London morning session above and below the 200 hour MA (green line currently at 1.08445). At the highs, the pair has also limited the gains against the 50% midpoint of the April trading range at 1.08576 (high at 1.09887 on April 15 and low on Friday at 1.07265). The market has some reluctance to extend above half way point. The market traders are currently retesting the 200 hour MA (green line).
The underside of the broken trend line comes in at 1.0827 (and moving lower). That is near the 38.2% of the move down from the April 15 high. If there is a rotation back below the 200 hour MA, traders who are positive on the pair, will look for that level to hold. A break bellow and more of the "bull" from the market off the Friday low fizzles.
For sellers against the 50% They are feeling ok as long as the price stays below that area. Traders who are short, would not want to see a move above with momentum.
In between is that 200 hour MA....
