Midpoint of year/day hold the line
The EURUSD has moved back higher as trading below the 1.0788 level (see prior post) could not solicit much selling and the "Draghi event" finished. Short below 1.0815 covered. Stocks in the US also gave back their gains (now moving higher again in volatile trading).
The pairs rally HAS been able to find sellers on the test of the days 50% trading range at the 1.0848 level along with the 50% retracement of the 2016's trading range at the 1.08469. Staying on "the lower side of the 50% fence" keeps the sellers more in charge. Note that most of the sellers today (post Draghi) were in below 1.0815. Perhaps the squeeze into the 40's squeezed them out.
If so, perhaps the range high is set against the 50% levels, and the market trading can resume more of a downside probe...A move below the 1.0815 will be eyed for confirmation.
