Top of the Mountain for EURUSD? (original) (raw)

While it is still early in the day, the EURUSD is negating yesterday’s strength.

As you can see on the daily chart below, it is now trading at the low of yesterday. This has put the bulls on their heels and needing to step up and defend this area.

Looking at the hourly chart below, you will see that we do have a level of support here. So, it would make sense to see a bounce from here but the question will be, how strong of a bounce or does it just trade sideways and remain weak?

The later would really suggest that price is headed lower. If the bulls cannot muster any type of rally it will play right into the hands of the bears.

This could be the start of a move back towards the prior lows but, first things first, getting under this support level is step one. If that does not happen then I must remain bullish, overall.