Some early NY choppiness
The EURUSD pushed toward the next target at the 1.08878 level (50%). Got to 1.0891 and then moved quickly up to 1.0910 and is now back down near the lows. The action suggests the market is a bit torn near the midpoint.
The range for the day is 75 pips for the pair. The ATR is 127 pips. So there is room to roam should the traders so desire to do so. However, there is a choppiness that tells me to be patient for new entries (in fact the price is back up to 1.0905 already).
Patient buyers should find support in the 1.08688 to 1.0874 area. The 61.8% of the move higher is at 1.08688 level. The 100 hour MA is at 1.0874. The moving average is going sideways. The pair shot higher yesterday. It is hard for the market to give up buying so quickly.
Looking at the 5 minute chart the last leg down - which was a modest leg at 45 pips - has the midpoint near 1.0914. This is near the low form the first look lower in the London morning session. Stay below that level and the sellers remain in control. A move above that and then the 1.0923 level will lessen the bears grip to the bias.
