but slides back lower as trading continues to be non-committal
The EURUSD is extending to new session highs as the London fixing approaches, but the price has already slid back lower as traders struggle with direction. The move higher took the price above the 38.2% at the 1.0971 level The next target comes in at 1.0995 area where the 50% of the move down from yesterday is found. Also the low from Monday's trade is at the area as well. This is for patient sellers. As I type the mini spike to 1.0984, has already reversed to 1.0959.
So perhaps the fix buyers are really sellers after all.
What the action says to me, is the trading remains in the hands of the flows. There is a lack of commitment and that type of action requires traders to be patient. Wait for your levels and if they don't get there, don't force it.
