Dip took the price back into the Red Box but stalls at 1.14848 area
The EURUSD moved back into the “Red Box” late yesterday, but the fall did stall at the 1.1484 level which if broken would have soured the bullish mood even more (see post here
). Honestly, the price action yesterday after the break and run higher on Wednesday was disappointing for the bulls. The price could not hold the 50% and then fell back into the box. Yes…the 1.14847 level did hold (barely), but sellers nearly took back control after the break.
Anyway, the bulls are trying to take back control today with the rebound back higher. That move has the pair back above the 50% midpoint retracement at 1.15145. The level is holding over the last few hours.
Like yesterday, the song remains the same. Hold the 50% and the bulls in full control. Move below and then the 1.15000 and 1.14847 and the bulls give up.