No upside momentum
The EURUSD is looking like the GBPUSD did last week. Big move spike higher. The next highs are lower. The lows find support at the 38.2%. That has been what the GBPUSD has done over the last 4 trading days. Today in the EURUSD we are seeing a similar pattern.
Looking at the hourly chart, the pair fell to the 38.2% in the Asian session. We traded off that support level (at 1.0818), but the high could only reach 1.0877. The successive highs have been a touch lower (see hourly chart above).
In the NY session, the 200 day MA has been tested and held. We are back down testing that MA level now. The low just ticked to 108.42.
