Breaks below 200 and 100 hour MA and then 50% all fail. Clue from 5-minute chart?
Earlier in the day, the price of the EURUSD cracked below the 200 hour MA (green line). Bearish. It then cracked the 100 hour MA (blue line). Bearish. And finally the price fell below the 50% retracement. Bearish.
Then, all those breaks failed and the sellers exited (bought back) and the buyers took more control.
Admittedly, looking at the hourly chart the price action has been a bit herky-jerky on the rise since then. Not too pretty.
You can see that herky-jerky on the 5-minute chart.
However, looking at that chart, the last test of the 100 and 200 bar MA on that chart is showing a nice bounce off those MA levels. Bullish. Stay above those MAs and the buyers are more in control. They come in at 1.1691-93 currently. The price is trading at 1.1707 as I type.
The bears had there shot on the breaks below.
The bulls/buyers are trying to make a run now. Can they keep it going?
If so - going back to the hourly chart - the 1.1744-57 area will be targeted. That area is home to a number of swing levels going back to July 10th (see yellow area on the hourly chart above).
