Forex Trading: EURUSD finding a bid in NY trading

The EURUSD has been trading favorably this morning as the market shrugs off the better than expected Initial Claims Data  and instead focuses on the continued hawkish comments from ECB officials (see earlier post).  The pair is trading at 1.4712 which brings the pair above the 61.8% retracement level (1.4708) of the recent move down (see chart below). 

Chart Courtesy of FXDD Metatrader

The EURJPY is also supported as this morning.  The pair has moved above the 200 hour MA at 156.63 and is approaching the high area from yesterday.  Caution is warranted, however, as the market has had volatile moves up and down over the last 4 days, indicating a neutral, unsure market.

Chart courtesy of FXDD MetaTrader