Tested 61.8% of the move up from Thursday's low
The EURUSD gapped to the upside (marginally) after the Macron victory in France. However, unlike the gap after the April 23rd 1st round election, this one was more modest and was filled quickly.
Looking at the hourly chart above, the price has moved down below the 100 hour MA at 1.09413 and tested the 61.8% of the move up from the Thursday low at 1.09304 level. The price is currently trading a few pips away from the 100 hour MA.
The price is back below the swing highs from April 25th and 26th at 1.09501 level. Getting and staying above that level will be eyed by dip buyers. If that level can be taken back, the 1.0977 represents the 50% of the move down from the May 2016 high on the daily chart below. The price closed above that level on Thursday and Friday last week.
Looking at the daily chart, the price moved above the trend line at 1.1001 at the start of the day. That break is looking like a failed break at the moment. The 1.0910 is a downside target. The price has closed above the 100 day MA since the gap from the 1st French election (at 1.0834).
- The break failed on the daily chart at 1.1001. Little time spent above that line before faiing.
- The price is back below the 50% retracement on the daily chart at 1.0977, but
- The price is back above the 100 hour MA at 1.09417 after
- Testing the 61.8% retracement (at 1.0930).
So the market is fighting near a support area.
