Pair moves back toward unchange on the day
The EURUSD has retraced back to the closing level from Friday at 1.1128. The low just reached 1.11286. That is also where the 200 bar moving average on the 5-minutes chart, 50% of the day’s range, and a rising trend line converge. A move below, will tilt the intraday bias back to the downside as traders try to determine the early week directional bias. So far, the price action has been more positive with most of day so far trading above the close from Friday. This is the day’s first key test of that intraday bias….