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The EURUSD moved lower and lower today. In the process, the pair moved below what was a swing area going back to November. That area held earlier in the week.
Moving below, increased the bearish bias and kicked the price lower.
Looking at the 5 minute chart below, the move to the low for the day found it’s way toward the 100 hour MA (blue line overlayed currently at 1.14041 and moving higher) and the 50% of the move up from the week’s low from Monday. Buyers leaned near those levels and the price has seen a modest bounce.
Moreover, the price was able to stay above the 1.13857 level (the high breakout level on the 4-hour chart above). The buyers are holding onto some control albeit just barely.
Going into the new trading week, the 100 hour MA, 50% level and the 1.13857 level will be the support. Move below those levels and the break this week was a failed break. The buyers will be disappointed.
Stay above and the corrective lower went to the edge and held. There is hope for a resumption of the upward momentum seen earlier in the week in the new trading week.
