Keeps the bears in charge
Meanwhile looking at the EURUSD, the price got within 6 pips of the converged 100 and 200 hour MAs (at the 1.0994 - the high ticked up to 1.0988) but has rotated back lower.
The 5 minute chart above has overlays of the 100 and 200 hour MA and the 100 day MA (the 200 day MA is off the screen). Looking at the price action, the price on Friday fell below the 100 day MA, the 100 hour MA and 100 bar MA on the 5 minute chart around the 1.1013 to 1.1019 area. The break led to lower levels.
The price later, fell below the 200 hour MA and 200 bar MA on the 5 minute chart on Friday at the 1.0985-88 area (see green lines in the chart above).
Since that time, the price has been able to stay below the 100 and 200 hour MAs. Those lines are the most important going forward (they are at the 1.0992/93 area currently). Stay below this week and the sellers remain in control (see earlier post).
Shorter term, the price is now below the 100 and 200 bar MA on 5 minute chart (at 1.09654-713). Stay below and the selling should start to reexert it's influence with a move below the lows for the day the next target. Remember the range is still quite narrow at 55 pips. Can the sellers keep the pressure on?
