Buyers and sellers sparring at the lower levels
If you were to disregard, the spike lower on the better than expected US employment report, the EURUSD traders are boxing with no clear winner at these lower levels Of course the shorts came out strong and bloodied the buyers/bulls, but buyers are making some connections since that time..
The range has been about 48 pips from the low to the high correction. The midpoint of that move comes in at 1.0725. The price is currently trading above that midpoint. The 1.07198 has been a recent low floor. Would sellers like to see the price below the 1.0719-25 area. You bet. That is the level to get and stay below.
On the topside, the 1.0737 was a ceiling. It just moved above that level as shorts become more uneasy as more time goes on.
Are the buyers taking back control. A little but not a lot. The pair is staying at lower levels. Traders who are short would like to continue to see the price stay below the 1.0750 level on this test/correction(the high corrective area). A move above increases the uncertainty for those traders who sold after the report and waiting for that next shoe to fall. It hasn't fallen yet.
