In the Kickstart video today, I talked about two things that had to happen in the EURUSD if the buyers were to take back control.
- Getting above the 100-hour MA (blue line on the chart above)
- Getting above the 1.0872 level
Requirement #1 was successful but #2 was not. Buyers turned to sellers on the move back below, and the price has moved marginally lower into the end of day.
That to me, keeps the bias in favor of the sellers for the EURUSD. Although the sellers had their shot earlier in the day below the 38.2%, if the price can now get back below that retracement, I would expect more sellers to join in.
This article was written by Greg Michalowski at www.forexlive.com.
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