Forex Trading: EURUSD Eases Back Down And Finds Buyers

The EURUSD eased back down after the NY surge higher. The move to the highs stalled a the 1.3644 where three separate attempts above the level were tried and failed. Omie, a FXDD fan, pointed out, the level corresponded with the 50% retracement of the move down from the February high to the February low (see chart above).

The correction to the downside has found support buyers against the 38.2% retracement of the days move (1.3609 low versus 38.2% level at 1.3607).  The price  found buyers which has taken the price back toward the earlier high for the day.  (see chart below).  

The 1.3338/44 level is the next upside target resistance (trendline and the 50% level cited above on the daily chart).  I expect intraday sellers against the level with stops on a move above.

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