The last two weeks were near mirror images of each other.
Going back two week's ago, the high for the week was on Monday and the price moved lower into the Friday close (see red box in the chart below).
Last week, the price opened near the week's lows (and the prior week's low), reteste that low on Tuesday before moving higher (see blue box). The high was reached on Thursday. That high was within 4 pips of the prior week high). The high from Friday got within 4 pips of the Thursday high.
So last week, was a near mirror image of the prior week's trading.
Today, the price high reached to the high from last week and found sellers against the level. Do we keep the pattern alive and move lower this week?
Still too early and it would be too predictable. Nevertheless, anything is possible.
If the pair is to continue the move lower, there are some key moving averages on the downside that will help define the bullish/bearish bias for the pair.
The 1st comes in at 1.11427 where the rising 100 hour moving average is located. On Firday, the low stalled ahead of that moving average.
Below that comes the 200 hour moving average and 50% retracement of last week's move higher at 1.1124. Just below that level is the 100 day moving average at 1.11195.
Those levels will tilt the bias more to the downside (on each successive break). Conversely, if the price cannot get below those targets, the buyers remain more in control.
SUMMARY: For the start of the week, the sellers stalled the rise against last week high and we have seen a move back lower. Advantage sellers (or at least a tilt on the double top).
However, there is work to do if the sellers are to take more control. Getting below the 100 hour moving average is the 1st step followed by the 50% retracement and 200 hour moving average and 100 day moving average.
