The EURUSD did close marginally lower yesterday after a down, up and down and down and up and down again day (or something like that). The FOMC meeting minutes led to some swings that remained with the low and high trading range, but nevertheless swung traders round and round (or up and down).
Today, the ups and downs are continuing with the Asian session moving to the upside initially, then a decline to a new cycle low since the March 31 high was reached in the European morning session (down to 1.0863). The price has moved back to the upside, notwithstanding some volatile up and down moves on its way higher into the US morning session. The ECB meeting minutes were perceived to be more hawkish. European yields are higher.
The current price is higher on the day would snapped a five day decline (closed around 1.0896 and the current price of the EURUSD is 1.0910).
Although a move back above the swing lows from March 15 at 1.09253 level yesterday, did not see momentum buying yesterday (one break above was during the FOMC ups and downs), I will still look for that level if breached to give more of a bullish bias. A break will be on a short leash, however (i.e. stay above and looking for more buying on a break). The falling 100 hour MA is catching up to the EURUSD price. It is currently at 1.0959 and moving lower. That will be more important target if it can be broken and remain broken going forward.
A move back below 1.0899 (call 1.0900) could see disappointment from buyers once again..
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