The skittish traders loved the EURUSDs through the 100 bar MA on the 5 minute chart (see blue line in the chart above), but only briefly. They soon thereafter were attracted by the shorts and promptly dumped the longs, and liked the shorts instead.
The market traders are doing the equivalent of “playing the field”. Date Ms Long, then date the Ms Short when you tire of Ms Long. Fall in like not love is the mantra.
For the time being, shorts are back in favor. Stay below the midpoint of the days range at 1.2492 and all are good with Ms. Short. Get below the 1.24617 level (61.8% of the months range) and things are getting more serious. Fail to break 1.24617, or move above 1.2492 and Ms. Long may be back in the picture.
I am keeping an open mind about both Ms Long and Ms Short. It is just the feeling I have…
