EURUSD chops it's way back down to broken trend line
What an up and down mess, but buyers trying to keep some control
The EURUSD has chopped it's way back lower today, after a run higher yesterday. That run higher yesterday, took the price above a sinple trendline connecting recent highs. The underside of that broken trend line stalled the fall, as did an earlier swing high from yesteray at 1.13239 area.
We currently trade around the 1.13346. The 38.2% of the move down from the January 31 high comes in at 1.13405. That retracement may be an intraday barometer for bulls/bears (although it has not been that great a barometer so far today with the chop). It was also the swing high from February 13. So traders should care (right?). So far they haven't.
Working in the favor of an escape from the chop, is the range for the day is only 33 pips (22 day average is 61 pips). So there is room to roam (either way). Be aware.
On a move below the 1.13239 level would have traders looking toward the 100 and 200 hour MAs at the 1.1304-06 area.
On a move higher (above the 38.2%?) would then look to crack the 1.1360 and the 50% at 1.13736. The 100 day MA is up at 1.13968 if things really get going.