Time has allowed the 100 bar MA on the 5 minute chart to start to catch up with the market price. The level is down to 1.3616 and moving lower. The high correction has reached the 1.3608 level or 50% of the last leg down in the EURUSD. In order to prove the EURUSD has more buyers than sellers the buyers must overwhelm the sellers and push the market price above resistance levels. The 1.3607 level was the low for November (before today) the 1.3608 level was the 50% of the last move. The 100 bar MA is moving toward that level. It is getting to the time where the market has to decide….lower or higher.
On the downside, the next key support for the pair comes in at the 1.3565 level. This level is the low from October 11th as well as lows and highs going back in time (put a horizontal line at 1.3656 and scroll back in time) . A move below that level will target the double bottom at 1.3551. A break below opens the door for 1.3494 and below that 1.3358 (intermediate targets).
On the topside, a move above 1.3595 and then the 1.3608 level is needed to put the bulls more in control (and the 100 bar MA which is moving lower toward the 1.3608 area).