Down and up between levels
The EURUSD moved lower (to new day lows) after the US employment report. The low extended to (and briefly through) the 1.0950 level which was the swing high going back to April 25th. The low price dipped to 1.09462 but quickly rebounded. Sellers on the headline, turned around and bought.
The price rise took the price to (and briefly through) the high from earlier in the day at 1.0989. The high price reached 1.0991, but quickly sold back off. Buyers off the low, turned around after failing to extend on the topside.
We currently trade between the low and the high extreme at 1.0966.
Taking a broader view from the daily chart, the 50% of the move down from the May high comes in 1.09775. The topside trend line comes in at the nice round 1.1000 level. The high got within 9 pips of that trend line and natural resistance area. Early sellers against what many people are looking at as a key resistance level. I am not all that surprised.
The number is good enough to keep the Fed tightening in June. Yields are little changed. We do have a bunch of Fedspeak starting with Fed's Fischer at 11:30 AM ET/1530 GMT. Fed's Yellen speaks at 1:30 PM ET/1730 GMT.
So far, the range is for the most part holding with 1.0950 below and 1.1000 below and we sit in the middle.
