Still down on the day
The EURUSD has been chopping up and down in European trading after a dive in the Asia Pacific session. PMI data that was better than expectations provided a fundamental floor for the pair. Technically, there was a technical floor against a lower trend line on the hourly chart (see below).
The EURUSD closed on Friday around the 1.0643 level. The high in the European session has been 1.0643. So pair remains lower on the day. A move above that level may be enough to kick start some more profit taking (the bottom along the trend line might be more "real" for traders). However, above looms the 38.2% of the move down and the 100 hour MA (blue line in the chart above) at the 1.0662-68 levels respectively. Above that the 200 hour MA is at 1.0700. Although the 1.0700 level and a lower area at 1.0683-90 lost some of there importance during Friday's trade, one must think that area - between the 100 and 200 hour MAs - will increase in importance.
Choppy markets = Be patient markets.
