The Correction Zone in EUR/USD (FXE) (see prior post) gave the NY traders the opportunity to get on the trend and they did. The 38.2% of the last leg was all the price could reach and the price rotated back down. The price has moved below the 100 hour MA at the 1.25304 and the 61.8% at the 1.25228. Look for what was support to become resistance now. The 200 hour MA is at 1.2470. I would guess the 1.2500 level would attract support buyers ahead of this level.
Steps down continue.
http://www.forexlive.com/blog/2012/06/11/eurusd-does-its-thing-moves-below-100-hour-ma/