Holds the old year low on correction/Not much love above the 100 .
The EURUSD moved higher after the weaker US data today, and that move took the price above its 100 hour MA (blue line at 1.13004 currently). The price reache a high of 1.1310 but corrected down to the 1.1288 level after momentum stalled.
That 1.1288 level is somewhat significant The level corresponds with the swing low from Jan 24. Buyers leaning agains the old swing low? Well, lets give them the benefit of the doubt.
The current price is trading near the 1.1300 level again. If the pair is to continue to go higher, it needs to crack that 100 hour MA and 1.13000 levle and stay above. It is that simple.
What makes the run less than impressive as well is that the high from yesterday reached 1.1341. The high is well below that level.
So....Yes....we are higher. The US data was a disappointment but the "market" is still concerned about the EUR too (and maybe more). It is hard to love the EUR.
We have to trade what we see, and right now what I see is mixed. A move above the 1.1300 level would change that view and holding 1.1288 is keeping the upside alive, but only barely.
