- The 1.3140 is the close from yesterday.
- The 1.3128 area is 100 and 200 bar MA support on the 5 minute chart.
- The 1.3112 level is where current trendline support is found (moving higher). Five times this trendline has been tested.
The 5 minute chart is defining the consolidation levels as the market looks to decide the next directional move. Up or down? I am watching these levels now for clues.
The hourly chart (see below) has the:
- 100 hour MA at the 1.3115 increasing the importance of the 1.3112-15 area.
- 200 hour MA and 50% retracement of the now 10-day range come in at the 1.3102 area.
A move below these levels is needed to switch the intermediate bias back to the downside and will likely increase the downward bias. Until then, the buyers should support the level.
The EURUSD market continues to search for a trend bias.
