Not much.

Here is what I know. Here is what I see.

  • The pair is down on the day. The pair closed at 1.2184. There has been no hourly bar closes above that level today.
  • The low found support against the Thursday low at 1.2131 (low reached 1.21348).
  • The current price is between those extremes

What else....

  • On Friday, the price moved above a topside trend line and 100 hour MA. Sellers.
  • Last week, the pair fell below the post-Crash lows at 1.22254 and extended down to 1.20874.

Most of the picture and commentary is more bearish. If there is another side of the coin, traders could point to the fact that "not much" is going on. So you might have more sellers than buyers but they are not overwhelming traders today.

Nevertheless, if the bears are more in control, what would change the picture?

  • Get above the trend line that extends from the October 7 high (at 1.2085 area), and
  • Get above the 100 hour MA at 1.22036.

That would negate some of the bearishness from a technical perspective.