Some of euphoria abates. Technical picture mixed intraday now.
The EURUSD has moved above the 1.0545 level on the hourly chart. That was the broken 61.8% of the move up from last weeks low. The swing low from Monday and an earlier low from today is also being breached now. Shorts are covering. The waters are more muddy.
Looking at the 5 minute chart, the price just moved above its 100 and 200 bar MAs (blue and green lines at 1.05349 and 1.0548 respectively. That too is leading to some covering from shorts.
The waters are more muddy as some of the dollar bullish euphoria starts to fade with the technical breaks. If the 1.0545-50 holds the 50% at 1.0561 and the 100 and 200 hour MAs at 1.05779 are upside targets. A move below the 1.0545 level will eye the 100 bar MA on the 5- minute for additional "bears are returning" clues.
PS the EURGBP moved above the 200 bar MA on the 4-hour chart and that is helping the EURUSD.
