50% of the range since August 20 low at 1.17859.
The EURUSD moved lower after a up and down Friday which saw the EURUSD move above its 100/200 hour moving averages around midday, but that break failed to flee quickly and the price retraced its gains, closing lower on the day.
In trading today, the price fell below the swing lows from last Wednesday and Thursday between 1.1800 and 1.18044. The next target became the 50% midpoint at 1.17859. After trading above and below that level, the last few hours has seen a push to a new low and swing area between 1.17657 and 1.17684 (see green numbered circles). The price has found some support buying against that level and currently trades between the 50% above at 1.17859 and the swing area below at 1.17657.
The range day is 44 pips. The average over the last 22 trading days is 48 pips (about a month of trading.
Drilling to the five minute chart below, the price is testing the 100 bar moving average at 1.17846 and a downward sloping trendline from the high on Friday. Stay below and the sellers are still in control intraday. Getting above that level and there could be more upside probing with the 50% of the move down from today’s high at 1.17915 and the falling 200 hour moving average at 1.1795 currently as the next upside target.
