Day high also targeted
The EURUSD could not keep a lid on the pair at the 1.0956 level outlined in the earlier post. Sellers relented and buyers took more control. The price has now moved above the European highs and looks towards the high for the day and the 200 hour MA as the next targets (at 1.09876-89). The high from last week at 1.1008 and the 38.2% of the move down from the May 22 high comes in at 1.10129 become the next targets.
Up and down markets are not always the most fun - especially when technical levels converge. They do reflect the market sentiment however, which is not committed to longs or shorts. Last weeks trading range was the 3rd lowest for the year. It went down until Wednesday mid dayish and then rallied for the rest of the week (back toward the weeks highs). Today, we have seen some early move lower, and now a move back up. You need a little traders luck in this environment and it is not recommended to fall in love with positions. Keep an open mind or simply sit back and watch. There will always be another trade when the market makes up it's mind.
ISM awaited