The EURUSD is trading to a new session low and in the process is testing the next swing area between 1.09576 and 1.09675 (see earlier post here). There is some cause for pause against the area. However, a move below that level will target the low from last week at 1.0944.
As outlined in the post from earlier today, the move to the downside today got a shove below the 200 hour MA (green line), and has also moved below the 50% of the range since the March low at 1.0994. An upward sloping trend line on the hourly chart was also broken in the downward move.
Move back above the 50% would give sellers – looking for more downside momentum – cause for pause now. Absent that, and the sellers are in full control.
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