Corrective moves higher continue to fizzle
So buyers turned to sellers, and the price has subsequently moved below the 200 hour MA.
Well….staying on the story from the 5 minute chart, the overlay of the 200 hour MA at 0.6424 has been retested as has the initial bounce low at 0.64257. That MA and swing low is now risk. Stay below and the sellers are more in control for a trade. Move above and – its Friday – waters are muddy on the failed break. We should see some shorts covering.
PS watch 0.64109 below for more downside clues. That is the 50% of the move up from the April 21 low.