A pretty solid move for the euro as it coat tails EURJPY higher
A decent looking bounce so far in the euro as it mooches into 1.0600. It's pulled up right around the 55 H1 ma at 1.0615 and faces further resistance from Friday's high around 1.0630, which also has the 100 H4 ma at 1.0631.
EURUSD H4 chart
We've got a band of tech brothers sitting just above 1.0630 adding to the resistance mix.
55 H4 ma 1.0657
38.2 fib of the Dec 8 drop 1.0657
100 H1 ma 1.0660
200 H1 ma 1.0670
200 30m ma 1.0671
That's likely to be enough to keep the price in check if we remain in wander mode and don't have any big news to deal with. First and foremost, we've got to stay above 1.0600 and with EURJPY taking dip from its highs, that might be easier said than done. The old S&R level at 1.0580 will be where we should see the better support if it builds.
We are likely to tread water today with zero data on the calendar, and in general in the run up to the FOMC. If that's the case then these confluences of tech levels are ideal for a quick trade.
