Rather than continue the push higher or fail and move lower, the EURUSD has decided to take a nap over the last few hours. The break abpve the 200 hour MA should have and did yield to a higher price, . HOwever, the move was interrupted by the downward sloping trend line extending back to the May 1st high.
In the last few minutes the price has drifted back below the 200 hour MA at the 1.2485 and looks toward the intraday support area at the 1.2460 area (38.2% of the days range). I am not expecting much from the current move. Look for buyers on the dip against the 60 level and for the market to wait for more news to sway the bias.