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EURUSD showing some bull signs (it’s just not running)

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Some technical signs 

The EURUSD is showing some bull signs/indications that a low might be in place for now.  The problem is it is not exactly running higher.  
The bull signs:

  • On the daily chart below, the low yesterday extended to yet another lowest low going back to 2017 and that move took a look below a lower trendline on the daily chart, but quickly rebounded.  Sellers had their shots and they blew it. 

  • Drilling to the hourly chart, the rise off the low moved above a downward sloping a trendline yesterday and stayed above it today even on the correction lower. Now that line is moving lower and the correction lower was steep today, but the underside of that broken trend line did hold. PS. the low today is also near the low level from Friday/last week at 1.09038.  
  • The price is back above its 100 hour moving average at 1.0921.

All those little clues are showing buyers.  
Now, it is not all rainbows and unicorns. 

  • The high yesterday and today could only get up to 1.09423 and 1.09407 respectively. That is still below the Monday high at 1.09474. 
  • The 38.2% retracement of the move down from the September 18 high comes in at 1.09537 and finally 
  • The falling 200 hour moving average comes in at 1.09572.

All those levels are minimum targets to reach and breach if a low is in place.
So…yes… there are some bottoming clues but if the sellers are running out of steam and the buyers are taking back some control, they still have some work to do.  Watch the 100 hour moving averages close supports at 1.0921 now.  Stay above and I will give those buyers some credibility. Move back below and they lose my faith in their efforts. 


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