The EURUSD pushed higher after weaker US data today.
The move to the upside saw the pair extended above the April 14 old low and 0.99513. Sellers turned the buyers and pushed the price up to the 38.2% retracement of the last trend leg down from the swing high reached on Wednesday of last week to the low today. That retracement level comes in at 1.0015. However the price has since dipped back to the downside and back below the parity level in the process. It currently trades at 0.9990.
The buyers are losing some of their steam on the corrective move higher. What would ruin the intraday bullish move more?
Taking a look at the five minute chart, the run up in the NY session has the 50% midpoint at 0.99655. A move back below that level and then the old July low at 0.99515 would certainly be a disappointment from a technical perspective. So far the 50% is finding some support buying.
On the topside getting back above 0.99884 is a short-term hurdle as is the parity level at 1.0000. Move above parity and traders will be targeting the 38.2% retracement at 1.0015 followed by the following 100 hour moving average 1.0056. (See hourly chart above)..
Recall the last week, the price broke out of the consolidation range to the downside at 1.0096. That increased the bearish bias for the pair.
