Daily EURUSD chart
But what's happening on the lower time frames? With the same averages plotted on the 60 minute chart, we can see price descended and bounced off the lower moving average.
60 minute EURUSD chart
Where's it going to go now? It's a little difficult to tell. While price appears to be making lower highs on the 60 minute chart, it's not making lower lows. There is a bullish trend line on the daily chart, but price would have to push through both moving averages.
GBPUSD & EURAUD (not shown) look to be in up trends for the moment, but their momentum has stalled. We'll just have to wait and see.
We're looking for price to exceed 1.26, or better yet, 1.27, or drop below 1.247, which is below Fridays low and also the lower 60 minute 100 period moving average.
