Back toward the middle of the two day range
Yesterday saw the EURUSD move higher at first and take out the December highs a 1.14848. That break outside the "red box" that has confined the range since December 17th failed. The rest of the day, the price trended lower.
In the new day, the flash crash in the JPY pairs, dragged the EURUSD down and outside the "red box" on the downside. That break also failed. The clue from the technicals was that on the correction into the NY opening, saw the low of the lower consolidation floor at 1.13365 hold. The last few hours has seen the buyers take the price back higher.
What now?
The rise has approached the 200 and 100 hour MAs at 1.14124-193 area. The price has also moved above the 50% retracement at 1.1401.
Sellers seem to be leaning against the MAs. A move below the 50% could see more selling from the buyers today- especially as London/Europe traders look to exit. Below is the old trend line at 1.1385 currently.
