The EURUSD found a good buyer below and forced the pair back toward the 100 day MA at the 1.3139 level. The high came in at the 1.3137 and has backed off.
The 100 hour MA at the 1.3095 area is now support for the pair as it struggles with the directional bias today. Yields remain elevated in the troubled nations, as the spread of Spanish to German bonds widens a few more basis points in NY trade. Despite the widening, the market seems to not be too concerned. Yesterday, the market closed at 1.3405 level. The price is moving back toward that level and it may also be a level to cause a pause.
