1.1077-78 remains key...
The EURUSD price action has slowed with the pair trading in a 10 pip trading range over the last hour. OK.
That price action has been able to stay above the 200 day MA and the 100 bar MA on the 4 hour chart. That can be worrisome to shorts. Those levels are key levels.
What might give some comfort is if you extended the Fibo to the high for the day, the 38.2% of the days entire range is at 1.1089. The high has stayed below that level. So a mini battle is going on in light volume.
When the price moved above these level earlier, I commented that the waters got a little muddy for the pair. Buyers had taken some control back from the sellers. The waters are indeed a bit muddy. The low is probably in for the day, but is the corrective high off the low? It will depend on the 1.1077 level and whether the price can dip back below. Pick your poison.
