In the morning video, I spoke of the key support in the EURUSD ahead of the 100-day MA and 50% midpoint of the move up from the March 15 low. Both those levels come in at 1.0805. You can watch the short video here:
Since then a new low was made at 1.0895 which stayed above that key support level .
What I did not speak to, was the price action on the 5-minute chart (see chart below).
EURUSD on 5 minute chart tells a short term story
Looking at it, in the Asian session the price traded sideways to higher and in the process traded above and below the 100 and 200 bar moving averages on the 5-minute chart. After breaking to a low near 1.0850, the price correction moved up to the converged 100 and 200 bar moving averages near 1.08646 and found willing sellers against those moving average levels. Buyers turn to sellers and step lower toward that key support at the 100-day moving average .
Fast forward to the US session, there have been corrective moves higher, and each of those moves has seen willing sellers against the 100-bar moving average (blue line currently at 1.0831).
So that price action tells a story of sellers trying to keep control below the 100-bar moving average level. Stay below is more bearish in the short term. Having said that the battle at the 100-day moving average remains real and traders would need to get and stay below the 100-day moving average 1.0805.