Correction off the high stalls at trend line
The EURUSD has been treding higher after breaking the 200 hour MA earlier in the London morning session (see green overlay line at 1.12284 currently). The run higher took the price to a high 1.12739 where we have seen a corrective move lower.
That move stalled right at an intraday trend line on the 5-minute chart. The 50% of the last leg higher was also near the low at 1.1258 (low reached 1.12576).
We are seeing a bounce with the pair at 1.1268 currently. Buyers remain in control.
Taking a broader look at the hourly chart below, the pair moved above the high from last week's trading at 1.12543 earlier in the session and has been able to remain above on the corrective move as well. That level will also be a risk level going foward for traders. Stay above is more bullish. Move below and the buyers lose some followers.
