German inflation numbers looking higher. US GDP up next
The EURUSD has corrected higher – about 38.2% of the move down from yesterday’s high (at 1.109723 – the high came in at 1.0976). The price has retreated a bit and looks back toward the 100 and 200 bar MA on the 5 minute chart at 1.0943 and 1.0932 respectively. A move below those level should reignite the trends bearish directional bias. A move back above the 1.09723 will look toward 1.0995 which is the 50% of the move down. It also was the low from the 1st hour of trading on Monday (5 pm start).