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EUR/USD sets positive daily close but take a look at the daily chart

Following on from the previous update looking at the Dollar index (USDX), here is some more detail on the EUR/USD. The EUR/USD caught some players short yesterday, as noted here at the time, when the Euro reversed a fall to 1.0768 and flipped that back above 1.0800. The EUR/USD held that bounce all the way into the US close, when ending that session at 1.0819. That close was well above its 200 day moving average this time. That is in place today at 1.0790. However, the high seen since yesterday has been set just ahead of a major trend line level, at 1.0832. If you look at a daily chart of the EUR/USD you will see that, if you plot a trend line down from the top at 1.1139 set on December 28 last year. That line then hits subsequent lower highs, on March 8 and March 21. That makes 1.0832 quite an important level today and one worth bearing in mind, especially with that important CPI data due later on. There will be more to add on this later today. The range seen so far today has been covered by 1.0813 to 1.0828. It is currently trading at 1.0823 
 

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