Buyers and sellers trading
The EURUSD has been having a herky-jerky time of it today. The price is higher. The price has extended above some technical levels including trend line (at 1.1327), March highs (at 1.1341), but fell short of the February/2016 high price at 1.13757. The high price today extended to 1.13648 (see daily chart) - short of that next year high target
The price has moved back down to the broken trend line area. Closing above it or below it in trading today will tilt the pairs bias going forward.
Looking at the 5 minute chart, the choppy, but upward action is evident. The choppiness suggests to me that the month end flows may be having an influence. Certainly, the move higher is not a fluid one.
Nevertheless, the price - earlier in the session - did successfully bounce off the 200 bar MA (green line in the chart below). That MA comes in at 1.1311 currently. A move below that MA - and staying below - should get more traders thinking the rally is over for the times being and help lead to further corrective action to the downside.
So eye 1.1327 for the day's close and the 200 bar MA below for clues.
