The EURUSD moved lower and lower today. In the process, the pair moved below what was a swing zone dating back to November. This zone was held earlier in the week.
Going down, the bearish bias has increased and the price has gone down.
Looking at the 5 minute chart below, the move lower for the day has found its way to the 100 hourly MA (blue line currently overlaid at 1.14041 and moving higher) and the 50% of the upward movement from the week’s low from Monday. The buyers leaned close to these levels and the price saw a modest rebound.
Additionally, the price was able to stay above the 1.13857 level (the breakout high level on the 4-hour chart above). Buyers retain some control, but barely.
Going into the new trading week, the 100 hourly MA, the 50% level and the 1.13857 level will be the support. Move below those levels and this week’s break was a failed break. Buyers will be disappointed.
Stay above and the lower fix went all the way 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.