We are back where we were yesterday at this time
The EURUSD is back down to places we traded yesterday at this time/during the London morning hours. The last 7 or so hours have been up and down. There is a bearish bias - helped by comments from Draghi. The pairs lows reached a few pips below the swing low yesterday at 1.0666. The low today came in at 1.0663 so far.
The market projections are mostly pointing lower for the EURUSD. The squeeze higher yesterday took the price to the resistance area and that held like a charm. The 200 hour MA (green line in the chart above), stalled the fall, but that was broken and it turns the tide back lower. Traders have increased geo-political risks from potential terrorist activity. This can lead to choppy, squaring up conditions into the weekend. It seems to me the 200 hour MA above - which was support yesterday - is now the topside resistance/ risk for sellers. Closer resistance in the 1.0700-06 area.
