The EURUSD initial move for the week was to the downside after the Greek election vote. However, soon after taking the price below the low from last week at the 1 1113 level and the support target going all the way back to 2003 at the 1.1109 (see weekend video HERE), the momentum faded fairly quickly (about 5 minutes – see chart below) and the price was on the rebound.
EURUSD 5 minute chart
The initial correction took the price to a 1.1200 high price – short of the key 1.1209 key “line in the sand” for the week (61.8% of the move up from the 2000 low – see monthly chart below). Later, however, the price was able to stretch back above this level (see 5 minute chart above) and we now sit:
- Above the close from Friday at 1.1206 area,
- Above the aforementioned 1.1209 level, and
- Above the 100 bar MA on the 5 minute chart at 1.1221 level
All are bullish developments if the price can keep above these levels in trading today.
