50% target eyed
The EURUSD has been consolidating during most of the NY session. The low has reached 1.05914. The next targets include the low from Jan 19 at 1.0579, the 50% of the move up from the Jan 3 low at 1.05839 and the swing low from Jan 16 at 1.05786.
Looking at the price action from the 5-minute chart, the price has been consolidating between 1.06088 and 1.05916. for most of the NY session (after the fall to new lows). The correction of the low stalled in the area between the low from Friday and the low from the Asian session. More recently the highs (in very quiet trading) has stalled ahead of the low from Friday at 1.0607. So the market is trying to put a lid on the market. Staying below the yellow is the best case scenario for shorts. A move above is not a disaster but it does muddy the waters a bit for the sellers.
Activity is very quiet.....and shorts have more work to do, but the buyers are not really lighting up the scoreboard today.
