Trends below the 100 bar MA on the 5-minute chart. Moves below a floor area

Apart from a single little look above the 100 bar MA, the EURUSD has stayed below the 100 bar MA on the 5- minute chart (blue line in the chart above) in trading today. That is bearish.

More recently, the dollar bullish move has helped the pair move to new session lows (dollar higher/EUR lower). The price fell below an intraday floor area between 1.1753 to 1.1756 (see yellow area in the chart above). Stay below that area is more bearish. A move above will take some of the bearishness away intraday but the 100 bar MA (declining) remains an important level too if the buyers are to take back more control.

Going from the shorter 5-minute chart and taking a broader view from the daily chart, the pair in September moved below a trend line and that led to a test of the swing low from August at 1.1661 area (the low reached 1.6168 - close enough for a double bottom).

The correction off that low this month peaked near 1.1876 area (the high reached 1.1879). The 1.1876 was the swing low going all the way back to June 2010. So it is a key remembered line (level) for traders. That is bearish and has helped lead to the move lower over the last week.

The picture (from the daily) looks head and shoulder-esque (almost too perfect but that is ok). Keep that in mind. The rising 100 day MA at 1.16376 is rising toward the neckline area which if busted could give another push (just saying).

Be aware. It is still far away but if the sellers keep the pressure on, that double bottom/neckline/100 day MA may all be tested. It should be a tough nut to crack but if broken could see a scoot lower (stops) when/if it happens.

Right now, the sellers are watching the intraday levels from the 5-minute for continued bearish clues.