Heading toward the weeks close
The EURUSD - like the AUDUSD (and also the USDCAD) - has seen the price action complete a full lap in trading today. The price moved higher in London morning session, but subsequently fell all the way down to the days lows when NY traders entered.
The correction (see 5 minute chart), off that low, has stalled once at the 200 bar MA and between the 38.2-50% of the move down. It has just shot back up to test again. We are heading into the final hour of trading for European and London trading so expect some volatility. We just completed the 11 AM fixing which seems to have also led to a quick blip higher.
The weekend flows can wreck havoc. Greece will be in play over weekend (and going forward). As a result geo-political risk have the potential to lead to more squaring up and choppy trading action -especially in the next hour. So far the resistance area seems to be holding the line,
