Rebound off intraday support line/MA, gives way
The EURUSD scooted to new session lows after breaking below trend line support and the 200 bar MA on the 5-minute chart.
That area tried to hold and continue what the "chop/higher" pattern of the day (see prior post). However, as per that post, if the support was broken, there should be stops and more selling. There WAS stops and more selling.
Putting things into perspective, the range went from 35 pips to 40 pips on the move back to the downside. However, with the 100 hour MA stalling the rally above, it should turn more traders more toward the bearish. It should.....
Looking at the hourly chart, the 1.1201-04 is an area that has a number of swing levels. On the run lower, the price moved back below the area. Can it remain below it now? If so, the selling can continue.
