Reaches just above the 1.1400 level, but backs off
The EURUSD traded to a new session high the mixed US data. Personal income and spending were better than expected but jobless claims reached the highest level since May.
The high extended above the 61.8% of the move down from the November 19th high at 1.13933 and breached the 1.1400 level by a pip, but momentum could not be sustained. The price is trading back at 1.1374 currently.
The price action has seen ups and downs and ups again. The low stalled against the underside of a broken trend line at 1,1347 (see chart above). The price fall took the price back below the 200 hour MA (green line) but that break was short lived. We currently trace above the 200 hour MA (at 1.1369). That level will be a barometer for the bulls and bears. Trade back below would be more bearish.
On the topside the 1.1393-1.1400 level will be eyed as resistance.
As I type the 200 hour MA is being tested.