The $EURUSD is caught in the up and down volatility
The EURUSD has not escaped the overnight volatile trading conditions. The pair has corrected higher on the day after the selloff over the last few trading days. The move higher has corrected 50% of the move down from the Monday afternoon highs to the lows reached earlier in the Far East session today. That level came in at the 1.4779 price. The high for the day reached 1.4781.
Currently, the price is chopping up and down in early NY trading. The 100 bar MA on the 5 minute chart comes in at the 1.4738 level. The 200 bar MA comes in at the 1.4726 level. The midpoint of the days range is 1.4725 which increases the importance of that level in early trade today.
A move below would look toward the 1.4701 level which was the close from yesterday. If the price can remain above the 100 bar MA, watch if the price can get above the 1.4756 level. This price was low price on Monday’s trade. The market also used it as a ceiling earlier in today’s trade. A move above should solicit additional buying interest with a break of the high the next hurdle.
