Trades between trend lines. Key support at 1.15068-09 lows from 2018
The EURUSD moved to a low of 1.1526 so far today. We are currently trading higher off that level at 1.1548.
That low level today was the lowest level since June 28th, but still about 20 pips from the 2018 double bottom at the 1.1507 area (lows from May and June at 1.15068 and 1.1509). A move below those lows would add to the bearish sentiment.
Looking at the daily chart above, the price fell below a lower trend line on Thursday, tested the underside of that broken level on Friday and held. More bearish.
Today that trend lower continued. A lower close today would be the 5th down day in a row (closed at 1.1566 on Friday - and a risk level for shorts now)
Drilling to the hourly chart, the pair is between trend lines. The topside trend line cuts across at 1.1561 (near the close from yesterday at 1.1566). The low trend line comes in at 1.1500 (near the key 1.15068-09 double bottom area). Bearish....yes. But not running to the downside.
Looking at the 5-minute chart today, the price held the 200 bar MA (green line) earlier in the day on two separate tests. That comes in at 1 1.15568 currently. The 100 bar MA and 50% of the days range is being tested now at 1.1550-51. A move above takes some of the "bear" away from the price action. So far, sellers are leaning against the intraday resistance area (see chart below).
Sellers in control, but could see some erosion of that control on moves above 1.1550, 1.15568 and then the close from Friday at 1.1566.
