The high got close to 1.2300 yesterday. Backing off today.

The EURUSD last week broke to levels not seen since the end of 2014. In the process, the price moved above the 50% retracement of the move down from the 2014 high. That 50% retracement comes in at 1.21662.

If I were to put a barometer for the bulls and bears at this point, that level at 1.2166 would be one of those levels to pay attention close attention going forward. Corrections toward it, should find support buyers. The low price today reached 1.22000. The low yesterday was at 1.2187. So the price has stayed away from that level. Nevertheless it remains a key level for the week.

Drilling down to the 5-minute chart, you can see the trading bias from the correction and what traders are leaning against for support/resistance now.

The low today stalled at 1.22005. That also was a swing level in trading yesterday before the "market" ran the price higher. The move up from the 1.22000 level stalled just under the 50% of the move down today at 1.22417 AND right at the 100 bar MA on the 5 minute chart (blue line). The 5 minute chart comes in currently at 1.22351 and moving lower)

Those levels are key for the bullish bias on this correction day. Get above and I would expect some easing of the selling. The buyers should be taking back more control.

SUMMARY: The story today - and going forward - is dominated by the 50% on the weekly chart below at 1.2166, and some interim battled going on from the price action and tools on the 5-minute chart. The 100 bar MA on the 5-minute chart at 1.2235 followed by the 50% retracement at 1.22417 are overhead resistance. It has already stalled a rally in trading today. On the same chart, the 1.2200 level is a level to get below if the price is to go lower. So intraday, the correction/sellers live. What is yet to be answered is how far can they take it?