URUSD has retraced from the 1.3020 range highs printed yesterday and has been as low as 1.2924 during trading today. The 1.3000 area has once again held as a pivot with price failing to print a 4 hour candle close above this point when referencing the chart below. The broken trend line resistance area has now acted as initial support today after price hit the confluence of a trend line re-test and 61.8% Fibonacci retrace. These technical levels often come into play when the news doesn’t provide a big enough catalyst to drive market sentiment and range trading ensues. It may now be a case of consolidating price action ... (full story)