See what happens at support
The EURUSD started the NY session making new session highs. The high reached 1.0684. The price has moved lower and looks to test an intraday support level.
The 100 bar MA on the 5 minute chart (blue line in the chart above) has been defining the trend higher in trading today. A trend line that snakes along with that MA has also been a level traders have leaned against.
The price of the EURUSD is currently tracking back toward that MA/that trend line. Will it stall the fall and resume the uptrend? or will it be broken?
If there is a bounce, the market will be looking for a move back above the earlier high at 1.0664. The fall below that line prior swing high, may be an indication of a slowing momentum of the move higher technically.
Pulling back and looking at the daily chart, the price rise took out the Dec 13/14 highs at 1.0666-69 area (near that 1.0664 level), but fell short of the 38.2% of the move down from the November high. That retracement comes in at 1.0706
