Price non trends since peaking on Monday
The EURUSD is trading up and down today.
The early European session saw the price move up to the high for the day at 1.17693. That was short of the high from yesterday at 1.17726 and the high from Monday at 1.17809. Lower highs are a red flag for the bullish momentum.
Having said that, there are higher lows as well. The low price reached in the last few hours has skimmed a lower trendline connecting a low from Monday, lows from Tuesday and the most recent low today. That level comes in at 1.1717.
A move below that level, and staying below, would give sellers more confidence. The target support should have traders looking toward 100 hour moving average at 1.1683 and the 50% retracement of the last trend move higher from the Friday low. That level comes in at 1.16807. A swing low from Monday also was near that level.
So far, the lower trend line is holding support. Watch the 1.17426 above for close intraday clues. That was a high price in the choppy New York session yesterday. The level also tried to hold support. Get back above and the buyers feel better.
Buyers and sellers are battling in a non-trending range.