It is staying below the Friday close on rebounds
The EURUSD closed on Friday at 1.16606. Looking at the price action today off the 5-minute chart, the pair fell below that unchanged line in the London session and has stayed below that line. The 200 bar MA on the 5-minute chart comes in at 1.16614 - just above that level. For intraday traders, that area divides more bullish (above) to more bearish (below).
Taking a broader view on the daily chart, the price action is less concerning. The pair remains above the 1.16156 high from 2016. That level was broken on Thursday and have been able to stay above. The 1.1711 is the next upside target (high from August 2015).
Drilling to the hourly chart, the underside of a broken trend line stalled the fall (at 1.1636 currently). If there is more downside (and the price is able to stay below the closing level on the 5-minute at 1.16606), the next target is to get and stay below the trend line and then work toward the more important 1.16156 level.
If the 1.16156 level is broken, the 100 hour MA will be eyed (blue line at 1.1588 on the hourly chart above). Last week, the pair closed below that MA line for 1 hourly bar before it rebounded strongly on the way to the day highs (on Wednesday)
