Watching 38.2% retracement
The EURUSD has corrected off the highs after a sharp run higher in the NY session took the pair above the 200 hour at 1.1768, and the 38.2% at 1.17963. The high price extended to 1.18144 before running out of steam and retracing part of the gains.
Looking at the hourly chart, the price as corrected down to retest the 30.2% retracement 1.17963. The low price reached 1.1795, and bounced. Staying above the 38.2% retracement is positive/bullish.
Drilling to the five minute chart below, the run to the upside initially saw some basing year 1.17761. The run to the high as the 50% midpoint of that race higher at 1.17952. That too is near the 38.2% retracement from the hourly chart. The 100 and 200 bar MAs on the chart are still way behind indicative of the sharp run to the upside. Buyers really pushed.
So the risk level for the traders is the 1.1795 level. Stay above is more bullish.