Unchanged on the day. Corrective rally tests resistance as buyers and sellers battle.
The EURUSD corrected higher off new lows going back to December 2015 yesterday. That rally got within about 9 pips of a declining 100 hour MA (100 hour MA was at 1.0754. The high reached 1.0745. The 100 hour MA is lower now at 1.07498). The better than expected data today (and perhaps Yellen prepared text) sent the pair lower, with the pair completing the lap of the trading range by a couple pips. The old low was 1.0682 while the low just bottomed at 1.06805.
We are seeing a little rebound off those lows. Looking at the 5-minute chart above, the 50% of the days range, comes in at 1.07127. There are highs from yesterday and earlier today at the 1.0714 area. The 100 bar MA on the chart is at 1.07155. The 200 bar MA is at 1.07076. That area should put a lid on rallies (risk for shorts). Stay below and the bears more in control. Move above and all bets are off.
Is there a chance that the "double bottom" (give or take a pip of two) is more bullish? Yes. Buyers against the lows would want to see that move above the 1.0715 level for more bullish confidence. That is the battle line that should define the winner.
So we will see. Testing 1.07077 now.