Empire Manufacturing has a big move lower
The Empire Manufacturing has moved lower after the Empire Manufacturing data came in weaker than expected. The fall takes the price back toward the 200 and 100 hour MAs which currently come in at 108.32 and 108.29 respectively. Earlier, those MAs stalled the fall and pushed the price higher toward the underside of a broken trend line.
The corrective high also stalled just ahead of the 100 bar MA on the 5-minute chart at 108.565 area (see chart below).
Does the hour MAs hold again? If broken a move below the 50% retracement at 108.255 will be another kick to the bearish side for the pair.
Traders have so far in the early trading leaned against support and resistance. Do they continue that trend as traders "trade" the levels ahead of stock opening, Fed speakers and the Brexit vote later this afternoon (ET time).
