Forex technical analysis: EURUSD not sure what it wants to do

Author: Greg Michalowski | Category: News

Sit between levels

Post the weak durable goods orders, the EURUSD has seen a brief move above the 1.0860 trend line (see chart below). The price of extended to 1.0870.  looking at my 1 minute chart, the price close above the 10860 level for a total of 3 minutes.  The time above was limited indeed.  

Off the headline, the low did make it below the 1.0822 closing level from yesterday, before rocketing higher.  With the price in between these two levels currently, the market seems to not know what to do.  Greece on one side. The FOMC meeting next week on the other side, with the data dependent Fed looking at some weak data.   1Q GDP is not looking good. 

Traders may play a break.

PS the pair is testing the 100 and 200 bar MA on the 5 minute chart.  Holding that would give the buyers a slight edge. 

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