The lousy price action in EUR/USD today has seen what had been a bullish cross of the 10 and 21-day moving averages unwind from earlier levels. The 10-day average is now at 1.2210 and the 21-day average is now at 1.2212. Keep an eye on the close….
EUR/USD is finding bids on dips toward 1.2300 so far with lows at 1.2310. Would not be surprised to hear of bids from the Big Panda considering how close we were to their 1.2500 barrier overnight. They must have slipped a few out up there…
It’s also worth noting that we have a potential outside day reversal on our hands in EUR/USD… You candle-stick guys probably have a much more ominous (and entertaining) name for that… I like to call it a flaming Moe…
