9.54pm on a Tuesday night here in Australia, and EURUSD starts making a move downwards. Exciting. It's tempting to sell, but wait, what have we here?
(60 min EURUSD chart with 100 & 200 period simple moving averages and channel)
We have the 200 period simple moving average on the hourly chart, as well as the bottom line of a nicely fitting linear regression channel. The bottom line is a supportive trend line.
EURUSD failed to make any new highs yet today, so it's possible it will keep dropping. Despite this, however, recent behavior indicates this move is only going to be small.
