Trend line and prior high stalled the fall..
The EURUSD has been trending higher in trading today with little in the way of corrections. The pair moved to new session highs after the worse than expected housing data today. However, the Industrial production and Cap Utilization data was not bad. The dollar got a little push higher (the EURUSD moved lower).
The move lower has been limited though. The 50% of the last leg higher was breached at 1.10692 (see prior post). That muddied the trend water (sellers won a little control). However, trend line support AND the prior swing intraday high stalled the fall. The price has moved higher from those support levels. Although we are higher, we remain below the high at 1.1088 and the next technical target at 1.1100 (the 1.1128 is the another target on more rally today).
Buyers remain in control above the trend line on the intraday 5- minute chart. A move below will continue to have the lower targets to get throug with the 1.10648 probably the next level to get below, followed by the rising 100 bar MA. But first things first, the trend line will be eyed for intraday technical clues.
