Fast break the other way
The EURUSD (and the dollar for that matter) has done an about face and is breaking to new NY session highs. In the process the price has moved back above the the 100 hour MA and the broken trend line. The pair based at the 50% retracement. The high for the day at 1.07507 is the next target. What was resistance now becomes support. So there should be support at the 1.0723 area now.
Overall the market remains in a state of uncertainty and up and down volatility. The holding of the 50% (the second time) was telling from a technical perspective. That helped from a technical perspective. The comments from Rosengren puts into question how the Fed might be able to raise rates with excess liquidity sloshing around in the market. The Philly Fed Non Manufacturing index (I did not know it existed to be honest) was not supportive of the dollar.
So we move from more bearish to more bullish - at least from this perspective (5 minute chart is also more bullish). Understand, however, that the market remains skittish, so if you venture in the deep end, be patient, keep positions manageable and be flexible.
