Some bloody noses as the price action favors dip buyers and sellers above
The EURUSD is whipping around in trading today. The sellers have been lining up at the 38.2% retracement at 1.0972. Meanwhile, the buyers below have been buying on progressively higher levels.
Overall, the range for the NY session is 50 pips. Traders looking for a continuation of the move lower yesterday are a little bloody. Conversely, traders who have been looking for a further correction higher have been stopped at the 38.2% borderline.
We are back against that retracement borderline currently. This is the upper fringe for trading today. Traders interested in selling high can lean against the level. If you want to be more patient seller, the 1.09957 (let's call it 1.1000) is the 50% of the move lower.
