Back below the June 2007 high
The 2007 high was taken out last week at the 124.13 level. The break took the price to the highest level since 2002. The high extended to 124.449 on Thursday. Friday's high could only get to 124.17. Not quite a break away after taking out multi year highs.
Today, the pair has had a 2nd run at life above the 124.13, 2007 highs. The high reached up to the 124.33 level, but then wandered back down. The action has been choppy. The range is narrow (48 pips vs an average of 78 pips over the last 22 days). The weakish US data, has kept the price below the 124.13 level and has also led to a break of a trend line support. The underside of that trend line comes in at the 124.07 level. If the price can stay below this line, the sellers remain in control (honestly, the line in the sand RISK extends to the 124.13 level). A move below the 100 hour MA (blue line in the chart above) at the 123.70 level will next look toward the low floor area from Weds, Thurs and Friday (see yellow area). Below that and 122.99 will be eyed.