Buyers are not taking back any control (for long at least)
The EURUSD may not be making new lows - in fact the lows are holding against a lower trend line on the hourly chart - but the upside is not really lighting the world on fire.
At the highs today (London morning session), the price peaked above the 100 hour MA (blue line in the chart above). In fact there was a bar where the price closed above the MA for the first time since November 9th. That is the chance for the buyers to take control. Did they? No. The next bar closed back below and the price rotated to the lower trend line.
So buyers are still reluctant. They need to get and stay above the 100 hour MA if they are to be considered serious by the "big wide market" out there. A break and failure does not instill a lot of confidence.
What about sellers? Well, as mentioned, the lower trend line is upward sloping. The line has 5 or so tests. There needs to be a break to get things going.
I still put the burden of proof on the buyers. Remember there were 10 straight down days until yesterday. That close came in at 1.0624.
We are below that closing level today (a new down streak starting?) They are not impressing!!!!!
If the buyers want some respect, they need to turn positive on the day (the absolute minimum) and then break the 100 hour MA and stay broken. Until then, are they in control? NOPE..