1.0700 level tested
The EURUSD is making new lows for the day and testing the 1.0700 level in early NA trading. Yesterday, the pair tested this level (along with the 100 bar MA on the 5-minute chart), held (see blue circle 6) and that helped turn the sellers back to buyers. The rally from that point extended to a high of 1.0773 in the Asia-Pacific session.
In the European session, the price has wandered back lower and in the process, has fallen back below the 100 and then 200 bar MA (the fall below the 200 bar MA seemed to switch the tide back lower). More recently, the pair fell below the 50% of the move up from yesterday's low and tested and held before moving to session lows. Is that another bearish tell from traders??? ....UPDATE....nope the pair just surged back above the 50% as I was typing. Look for patient sellers against the 100 and 200 bar MA (blue and green MA lines in the chart below) instead at the 1.0730 area.
From what I have seen so far, it is looking like one of those choppy type of low liquidity days. Adjust accordingly. Be patient. Don't force trades.
