Does the 1.0851-56 hold support now
The EURUSD fell to new session lows at the release of the economic data. That fall took the price below the swing low floor at the 1.0851-56 area and trend lines connecting lows from this week at 1.0844. Those breaks have seen a reverse higher. We traded back up to 1.08629. The current hourly bar has a low at 1.0851. You have to think traders are/may be leaning against that yellow area again.
At the lows, the price got close to the 200 day MA at 1.08288 (the low reached 1.0838). That, and the post French election low at 1.0820 are other key support levels.
On the topside now, the close yesterday was 1.08666. The 50% of the days range comes in at 1.08655. Getting above that level might start to scare shorts more. The 100 and 200 bar MA on the 5-minute chart (blue and green lines) are at 1.0870.
Right now, the market is confused, but the failure has my attention...
