Rebounds...rebounds
The EURUSD is inching higher....rebounding after correcting toward the 50% of the days range.
Coming into the NY session the price was still racing higher, but the pair did run into sellers and the price fell into the London fixing. In fact the low was made in the 5 minute bar that took the clock to 4 PM London time. The 50% of the days range comes in at 1.1153. The low came in at 1.1157.
Since then, the price has rebounded and just traded up to 1.1222. The high for the day came in at 1.1238. The 100 bar MA is up to 1.1195. A move below will shift some of the bias to the downside for traders. The price fell below the 100 bar MA into the London fixing but failed. Subsequently the price tested the level and held. Looking at the 100 bar MA, traders seemed to have used the MA as a level to lean against - both when above it and also when it broke below it. Look for the same into the Asia-Pacific session.
The market will also start to focus on employment report tomorrow. The move higher this week was likely helped - a little at least - by short covering. Have the shorts been squeezed out before the NFP tomorrow? I would guess, there is still plenty who have the downside as the preferred path.
Nevertheless, the market trades more two way in the New York session, but the buyers still seem to be more in control.
