Approaches a trend line on the hourly chart intraday
The EURUSD has moved to a new day lows and in the process has erased the gains for the day.
The move to the downside has taken the price back below the 50% retracement of the month trading range at 1.1881, and also back below a broken trend line.
The pair did approach a lower trendline currently at 1.1852. The price is currently testing that trendline as I type. Getting below would be another step in the bearish direction
Also in play, as a downside target, is its 100 hour moving average at 1.18452 (blue line in the chart above). It’s 200 hour moving averages at 1.18307 and would also be a downside target on further weakness today.
Summary: Buyers had the chance, but the 1.1900 level prove to be too much of a hurdle, and the sellers have taken back control below the 50% retracement. The pair is running into support targets which may slow the decline.
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