Once again today the euro was stubbornly bid. There were plenty of reasons to test the May low of 1.2797 but it never got there.
Right as the euro was bottoming today, Mike noted heavy buying interest at 1.2820 and 1.2800 and that turned out to be a great spot for longs.
The euro has cut through most of the zones of sellers with a session high of 1.2957 so far. Above current levels there isn’t much session interest. That changes about 40 pips from spot the euro will near the 55-day moving average and yesterday’s 1.2998 high, followed by the 200-day moving average at 1.3017.
Green = 55dma, Orange + 200dma
