12 pips is the best corrective move off a bar low
Since the GDP release, the EURUSD has moved steadily to the downside. Looking at the 5 minute chart, the biggest corrective move off of a low bar has been about 12 pips. That does NOT give dip buyers any joy.
That type of price action tends to feed upon itself. Dip buyers, turn into sellers shortly thereafter as they get frustrated. Whoever is pushing lower, may have more to do into the month end. Traders who avoid these types of markets (there are those who skip Friday's and especially month end Friday's), increase liquidity risk.
The low from Tuesday come in at 1.0819, below that 1.0800. Below the 1.0788.
Normally, those levels would mean more to me, but as mentioned, the month end and Friday activity has my risk-o-meter at a higher level today. SO be careful on the dip buying. The sellers remain in control.
