Swing area between 1.1751 and 1.17566
The EURUSD is keeping above the July 2021 swing lows between 1.17510 and 1.17566. The low price has so far reached 1.17537 between those swing low levels on the hourly chart.
Dip buyers are sticking a low-risk toe in the water, hoping for another bounce.
A break below will likely lead to more selling, however, as trends are “fast, directional and tend to go farther than traders expect”. The market is trending lower with little in the way of corrections so far at least.
Looking at the 5 minute chart, it will take a move above 1.17655 to give the dip buyers some breathing room, but will take a bigger move above the 38.2-50% of the last trend leg down between 1.1776 to 1.1783 to really start to get out of the bearish woods now. The falling 100 bar MA on the 5-minute chart is also near the 50% level now increasing that levels importance now.
Absent a move above those levels, and the buyers ARE NOT taking back control. The sellers remain in control.