Been below but not for long...
It is little nuances when in a 27 pip trading range but the EURUSD has room to roam... today. The average trading range is 72 pips.
The 38.2% of the move up from Friday comes in at 1.08498. We are down and testing that line currently.
A drag in this pair is the EURGBP which is trading at the session highs. We are getting close to the 100 bar MA on the 4-hour chart at 0.8687. That resistance may stall the headwind for the EURUSD. IF sellers enter, it may help push the EURUSD back down. So watch that MA. Also look for more momentum on a move below the 38.2% on the EURUSD at 1.08498.
If that line cannot be broken (or if the EURGBP does not slow), it may be that the EURUSD reverses and goes back higher. So sitting on the fence. Which way will the market tilt?
