The EURUSD moved lower and below an upward sloping trend line in the process, but selling stalled and the price rose. The move up has returned to the lower of 3 moving averages starting with the
- 100-bar MA on the 4-hour chart at 1.0530
- 200-hour MA at 1.05385
- 100-hour mA at 1.05517
Get above that cluster would shift the medium-term bias to the upside. Conversely, staying below keeps the bias more to the downside.
On the downside, a move below the lows today would have traders rethinking a move to the swing area between 1.0448 to 1.0461.
This article was written by Greg Michalowski at www.forexlive.com.
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