The EURUSD’s initial reaction off the weaker (at least when compared to the ADP barometer) was down. The price low came in at 1.2346 area. The price has since rebounded higher back higher and stands above the London low at the 1.2365. The midpoint of the days range comes in at the 1.23736. The 100 bar MA on the 5 minute chart comes in at 1.23799 (61.8% of the days range also at the level). Stay below and the bears remain in chart intraday.
If the bears remain in control, the low from June 1 is the next key target. That level comes in at 1.2285.
The market is working through the implications. So far, so good for the bears. Range is still narrow. Bulls/buyers have not taken back any control.
