The EURUSD is trying to recover off support
After running higher into the NA open, the EURUSD has started to give up some of the gains. Technically looking at the 5 minute chart, the price:
- Fell below trend line support
- Tested the 100 bar MA (blue line),
- Fell below the 100 bar MA.
- Tested the 50% of the trend move higher at 1.17931
Now the pair is trading back above the 100 bar MA.
The buyers are back on the horse and looking to the upside.
If long from the 50% area (see earlier post) on the dip, you probably want to see the 38.2% at 1.18087 hold. What would be better is staying above the 100 bar MA.
Fed's Powell starts his press conference shortly.
- S&P up 79 points
- NASDAQ up 308 points
- Dow up 580 points
- gold up $45.50 at $1948.48
- 10 year yield is at 0.773% up 1 basis point
