Shorts continue to feel the pain. The price is now above the 200 day MA target (at 1.28328) and is testing the 1.2848 trend line connecting the highs from 2012. A move above this level will next look toward the 1.29037 level. This was a low from Friday, May 11th. The high from Monday May 14th came in at 1.2903. (see chart below). Above that level the 61.8% of the 2012 trading range at the 1.29333 level would be the next targets (see daily chart above).
Although there is plenty of news ahead with German Constitutionality vote and the FOMC on Thursday, if buyers overwhelm the sellers the price goes higher. Traders will be eyeing the 200 day MA level on the downside for a bearish intraday clue. If the price cannnot push below this level, the sellers are not taking any control back from the buyers.
