EUR/USD Retraces From 1.4300

The EUR/USD and most other risk pairs caught a strong bid to open the trading week in the far east as a thin market allowed the participants to move the pair through the 1.43 handle and right back down. Looking at the hourly chart below we see the some support building on the 38.2% retracement of the latest move below the 1.42 handle with the 21 hr and 200 hr moving averages right there as well.

It will be interesting to see if the run up earlier was just a head fake and the USD can make some headway to begin August after a very poor performance in July.

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