The EURUSD backed off from the earlier highs caused by the the Russian/BRIC diversification out of the dollar chatter. The sell off was helped by the talk of a large seller at the top. This encouraged profit takers to enter the market. The correction back down took the pair to the 1.4211 level. From there, the EURUSD has bounced up to the high from yesterday at the 1.4246 level. The 100 week moving average is also near the level at the 1.4242 level. This level will be eyed as a key intraday level today.

The downside has the 1.4183 level as support and below that the close from yesterday at the 1.4158 level. As long as the price can stay below the 1.4246 level the price action should drift toward these levels.