The EURUSD has moved to a new session low in the process is dipping below its 100 hour moving average at 1.09617.
Traders want to see the price gather more momentum below that level and moved below the 109.33 to 109.43 swing area (see red numbered circles). A move below that level would open up the door for further downside momentum.
Of course risk still remains high as headlines can influence short-term price action.
A conservative risk level would now be at the 200 hour moving average. Traders would not want to see the price move back above its 200 hour moving average at 1.10029 (and moving lower).
Earlier today, the price spike above that 200 hour moving average on headline news from Putin. That spike was reversed, and sellers started to lean against its 200 hour moving average once again (put a lid back on the pair). That lean in the North American session increases the levels importance going forward. Note also that sellers leaned against the level early in the Asian session today.
Leave a Reply