The EURUSD has tested the 50% of the 2012 trading range the last four trading days . That level comes in at the 1.3053 and since January 24th there has only been one close below this level. A move below is needed to get the ball rolling to the downside in the near term.
Today, the price has been up and down on a number of occasions. The price is back below the 100 hour MA at the 1.3093 (blue line in the chart below). I will be watching this level for clues as to sellers interest. If the market is intent on getting out of the buy low/sell high mentality, staying below this level on a correction, keeps the seller in charge.
