100 bar MA on 5 minute chart also tested
The EURUSD momentum on the weaker US Retail Sales has faded and the price has rotated all the way back down. Technically, a bearish catalyst was the inability for the pair to get and stay above the 100 and 200 hour MAs at the 1.1057 and 1.1067 levels. Yes, the high reached 1.1077 after the weaker than expected US retail sales, but there were zero hourly closes above the MA levels. This disappointed the buyers. They reversed to sellers and the price is all the way back down to the closing level from yesterday the 1.0999 level (and below).
In the process, the pair has pushed back below the 100 day MA at 1.1018 (now a resistance level above). There is little in the way of a correction since failing on the last attempt above the 1.1057 level. Sellers are in control. The action highlights the desire of the market to sell rallies.
Looking at the daily chart, the 1.09638 is the key target level below. The 50% of the move up from the March low comes in at this level. The low from last nights trading? 1.09644. Buyers were waiting there. If we go down there again, will they be so anxious. Resistance at 1.1018 again.
