Off the highs volatile session.
Down sharply. Up sharply.
New 12 day lows.
New 12 day highs.
The EURUSD has been on a roller coaster ride today after the failed Italian referendum.
What do the technicals look like/tell us today?
We are currently:
- Up on the day (closed at 1.0661 and trade at 1.0695)
- We trade back above the 100 hour MA (at 1.0627) and the 100 bar MA on the 4-hour chart (at 1.0651). On Friday, the price of the pair had trouble staying above that MA level and closed right the level.
- We currently are trading above (testing) the highs from last week at 1.0683-89. The market has been testing that area on the correction from the high and finding support buyers.
That is a more favorable//bullish bias for the pair.
IF that bullish bias is to continue, the 1.07086 level needs to be breached and stay breached. That level was the "old" low from early January 2016. Earlier, the price moved above that level to a high of 1.07288, but stalled and fell back below. Now with the price just above the 1.0700 level again, it becomes a test for the bulls. Get and stay above and we could see further upside momentum in the new day/the new week.
