May be trying to make a bottoming playThe EURUSD fell below the October low today and also below a lower trend line. That break should have solicited more selling. It failed.
The move higher has not been all that impressive. The price has waffled back and forth for the NY session.
However in the last three hours, the price has reestablished some support buying against the October low at 1.1573 level Are traders making a quiet bullish play? Ehhhhh…..maybe.
But what I can say is longs against the old low is something traders like to do. Break. Fail. Reestabllish old support as support.
Buyers would have more confidence on a move above the trend line at 1.1593. Get above that and the 1.1600 level, and a push toward the 100 hour MA at 1.1621 would be the next corrective hurdle target.
We will see….