Tests the Friday low at the start of the NY session
The EURUSD tumbled lower after weaker than expected PMI data today. The fall took the price below trend line support and also below lows from last week (and a low from September 11 as wel at 1.0957, 1.09894 and 1.09846. The momentum low reached to 1.09656 before bottoming and corrrecting higher.
The price has rebounded after a second look at the day's lows stalled just ahead of the earlier low (see 5 minute chart below).
The correction higher has take the price to the 50% retracement of the move down today at 1.0995 and the 100 bar MA on the 5 minuted chart. The rally has been able to keep under that lid so far. Stay below keeps the sellers in play and more in control. Move above, and the day's bearish waters are more muddy. PS. the swing low from last Friday is also at the high correction level which is helping to put a lid on the pair (so far). Risk can be defined against the area.
ECBs Draghi speaks at the top of the hour.
