London gains reversed.
The EURUSD has erased the gains seen in the London morning session/early NY session. Technically, the price moved above the 100 hour MA but could not sustain the momentum. US data was mixed with GDP as expected, Case Schilller home prices a bit better, but consumer confidence and Richmond fed manufacturing index weaker than expectations.
The pair closed at 1.0634 yesterday. The price stayed above that level for most of the London trading day. The move back below takes more steam out of the upside potential. Look for the 100/200 bar MA on the 5 minute chart to now be resistance (yellow area in the chart above).