EURUSD waffles up and down after the sharp run higher last week

The high from last week stalled at the highs from January.EURUSD backs off from triple top. Consolidates.The EURUSD moved sharply higher last week after the ECB pivoted toward the potential for a tightening in 2022. Lagarde did not rule it out during her press conference on Thursday, and since then, ECB officials have been laying out their timetable.

Today, the price has once again dipped below the 100 day MA and once again, the move below stalled ahead of the 38.2% (the low today reached 1.14146). The price has moved back above the 100 day MA and trades just above it as I type at 1.1428.

Move back below, and traders will start to wonder if the third time is the charm and move down to test that 1.1400 level. Hold here, and the odds favor a run toward the triple top. This is the buyers shot to draw the line in the sand in the short term.

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