Breaks below support at 1.1209/11
In an earlier post, I spoke of the battle between resistance at 1.1244 and the 1.1209/11 area. That support level held support on the first test (see 5 minute chart below). However, the rally found sellers against corrective highs. The rotation below the 1.1209 – 11 area (also below the 100 bar MA on the 5 minute chart), was enough to discourage the corrective buyers seen in trading today, and the price has rotated back down to the 200 bar moving average. The support from earlier at 1.1209/11 now becomes resistance. A move and close below the 200 bar MA is what the shorts will now eye for continued downside momentum.
