Waters are muddy though
The EURUSD has squeezed back above the 1.0700-05 area and there was some more buying. This was as expected. The market had kept the price below this resistance area. There was an obvious ceiling. That ceiling was broken.
The price moved up to a high of 1.0722 so far. Looking at the 5 minute chart, that high was above the 50% of the move down from the high today. However, the momentum has slowed, and the price has rotated back lower.
So what now?
Well the water is muddy for sellers and buyers now.
For sellers, getting the price back below the 1.0700 level is now needed once again. That area was a level to get below coming into this week.
For the buyers, a move above the 200 bar MA on the 5 -minute chart is another positive/bullish development. That comes in at 1.0723 currently.
Although the selling has subsided, they sellers are not panicking...yet. However, the market is a little more two way with the move back above 1.07000.
