German inflation numbers looking higher. US GDP up next
The EURUSD has corrected higher - about 38.2% of the move down from yesterday's high (at 1.109723 - the high came in at 1.0976). The price has retreated a bit and looks back toward the 100 and 200 bar MA on the 5 minute chart at 1.0943 and 1.0932 respectively. A move below those level should reignite the trends bearish directional bias. A move back above the 1.09723 will look toward 1.0995 which is the 50% of the move down. It also was the low from the 1st hour of trading on Monday (5 pm start).
Reviewing the daily chart, the pair has a number of swing lows ranging from 1.08074-1.08630 (going back to April. The price has moved further away from the 100 and 200 day MAs (blue and green lines) and the trend line, but has traded above and below the 61.8% of the move up from the March low (at 1.0939). A move back below that line will be eyed.
The break away from the 100 and 200 day MAs is more bearish of course for the pair. Can the momentum continue to the next target. GDP will be eyed.
