The EURUSD moved lower on the back of the post from Pres.Trump at the start of the US session that he was proposing a 50% tariff on EU imports. Later the administration started to walk that idea back as it "just a suggestion" (i.e. part of the art of the deal).
Technically, the price moved down to test the rising 100-hour MA on the headlines, and got within 5-6 pips of the MA level. Buyers leaned and the dip as risk could be defined and limited against the level The backtracking led to more buying as London/European traders exited for the week.
The price has now moved back toward the highs from Wednesday at 1.1362. Above that is a 61% retracement of the move down from the April high. That little comes in a 1.1378. The high prices from May 6 and May 7 also stalled near that retracement level increasing its importance (see green numbered circles).
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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