In the kickstart video today (CLICK HERE), I spoke to the corrective move lower in the EURUSD and what needed to happen to either give the sellers more control, or keep the buyers in control.
More specifically, I spoke to the 5-minute chart below, showed how the 100/200 bar MAs were holding resistance once broken and also spoke to the retracement levels below that needed to be broken to increase the sellers momentum.
What happened?
The 50% midpoint of the move up from yesterday held support. That gave the buyers the go-ahead to push higher. However, although the 100 bar MA was broken on the move back higher (see blue line) the 200 bar MA held and the price has rotated lower.
SO into the new day, the moving averages remain topside resistance that if broken would give buyers more confidence. Conversely if the moving average cannot be broken, getting below the 38.2 – 50% retracement levels would give the sellers more confidence.
