Trend line broken but price is back above line...
The EURUSD broke below the 100 day MA (at 1.0623) and then trend line support on Friday but closed around the line. Like other pairs, the "market" wanted to see if there was any more weekend fireworks after Fridays bombing and US employment report...
Today, the pair fell to new lows since March 10th, but has since rebounded back above the broken trend line at 1.0593 (trading at 1.0599 now). Buyers are trying to take more control and get the price back above the 1.0600 level.
The price is above the close from Friday at 1.05872 as well. This level might be close support. It is not far from the current level, but we are in the midst of a narrow trading range (31 pips). Other support levels would look toward the 100 and 200 bar MA on the 5-minute chart at 1.0581-83. We broke back above those MA in the NA session and saw increased upside momentum (albeit 31 pip trading range momentum). IF the buyers like the market, they should like it above the close and certainly those MAs.
