I remember this place
Yesterday, the EURUSD was rocked by the weekend Greece news. The common currency tumbled (200+ pips), then rallied (320+ pips).
Today in Asia Pacific trading, the pair fell back below the topside trendliine that ran across the tops from last Wednesday, Thursday and Friday. That cap was tested in the London morning session and held on tight. It currently comes in at 1.1205. The highest high from the end of the week comes in at 1.1234. The 200 hour MA currently comes in at 1.1239 (green line in the chart above).
On the downside the lows from last week at the 1.11289 and 1.1134 held support today (low reached .1.1133 today).
Traders have put price back in the familiar area from before the weekend as the market wrestles with the implications of the vote on Sunday and the jockeying back and forth. Patient traders who want to sell will likely, wait for the 200 hour moving average above. Those looking to buy a dip the 1.1130-34 area seems the logical borderline to lean against.
