The forex markets are active as buyers pushed to new lows in the early NY session but are seeing some short term buyers.
Looking at the EURUSD, the pair moved to a low of 1.00511, but has seen a rebound back up to 1.0089 currently. That has taken the price closer to its falling 100 hour moving average 1.00993. The 38.2% retracement of the days trading range is also near that level I.01014.
That area will be the next key barometer for both the buyers and sellers. Stay below is more bearish. Move above and we could see more corrective move to the upside in the short term..
With the price rise, the price has also been able to move back above the low from Friday's trade at 1.00705. A small victory for the buyers intraday. Move below that level would take the joy from the victory away from the buyers once again.