Stays down on the day
The EURUSD is chopping around with somewhat illiquid market conditions.
Putting the price action into perspective, the EURUSD
- Held below the 1.1148 close from yesterday- bearish
- The low tested the lows from April 30 and May 5 (at 1.1065). That is support...
- The 1.1118-30 did not hold resistance on the rally nor hold support after the move higher. So much for that level. Impacted by illiquid conditions though.
- The 100 day MA at 1.1165 remains a key level above. The price high today has not threatened that level (high is 1.11510.
If key support is at the floor at 1.1065 and key resistance is at the 100 day MA at 1.1165 (100 pips separates the two), the midpoint is 1.1115. That is where we are trading now. Sorry, just scooted down to 1.1100.
Overall, folks the sellers are more in control, but the moves seem to be more random so far today, with liquidity lacking. We all have three choices. 1. Buy 2. Sell or 3. Do nothing. Number 3. IF sell, would be patient toward 1.1130. May profit take at 1.1065 but not a outright buyer there.