Looking for buyers here
The EURUSD price is back down testing the support floor in the 1.1380 area (61.8% and swing lows). The price fell below this level earlier in the day and quickly rebounded. The high on the corrective move did stall at the 100 hour MA (blue line). Good hold. Sellers against the level have been rewarded with a 35 pip move lower. Is the decline enough? I look for buyers on the 2nd time around just because it should attract buyers looking for low risk defining support levels to lean against However, another break below and we should start to see more bearishness in the market.
PS it is head and shoulder-ish. So a break below the support should not be ignored.
PSS Getting back above the 200 hour MA at 1.13924 will be telling about the market bias as well. If that MA cannot be rebroken, the sellers are showing their hand