EUR/USD Contained By The 1.5000 Level

The EURUSD has moved sideways overnight with a slightly higher bias as the strong earnings released last night pushed the currency toward the 1.5000 level. The high reached 1.4993  before finding the expected sellers.  The low reached 1.4954.  These lows were reached at two times overnight. Once in the Tokyo session and once in London.  The close yesterday was at 1.4964.

There is a flag forming in the pair with the consolidating range. The topside breakout comes in at the 1.4986 level and the downside trendline is currently at the 1.4959 level.   Below is the 100 hour MA at the 1.4925 level currently.  Watch for a move toward this target on a break lower, with buyers against the level. ON the topside, a break will need to get through the 1.5000 level.

The upside bias remains but the inching up is not without the herky jerky ups and downs.

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