Michigan better but inflation expectations fall
The Michigan Sentiment and Current Conditions was higher than the estimates, but Expectations and the Inflation measures 1 year and 5-10 years hence were lower than last month. That seems to be getting the markets attention. The dollar is lower.
The price for the pair tried to get above the resistance at the 1.0764-74, peaking at 1.0782 That break could not be sustained and the price came down. Now post Michigan we are seeing a rebound back higher as traders jockey back and forth.
Technically, the 1.0764-74 remains a level above that traders should pay attention to should there be another push up there. We have moved up to the midpoint of the day's trading range at 1.0754 on the news (see 5 minute below). The price has stalled. A move above should find more upside momentum, but that upside resistance looms. IF the 50% holds, we could see a rotation back toward the lows.
Remember, it is Friday. So markets can be choppy into the London/European close. We have to deal with it.