38.2% and 100 hour MA now targeted
The EURUSD has cracked below the 100 day MA 1.09645 after testing and bouncing in the prior hourly bar. The break triggered stops and the price ran to a new session low at 1.0936. We currently trade at 1.0944.
The inability to stay above the 100 day moving average tilt the bias back to the downside for the pair. The euro had not close above its 100 day moving average since the end of March. The high price today also stalled ahead of its 200 day moving average at 1.10131. Buyers could not make the next bullish step, and sellers have now discredited the break of the 100 day moving average.
On the downside, the 38.2% retracement at 1.09185 and the rising 100 hour moving average at 1.09127 are the next downside targets. Ahead of those levels is the swing hi from May 18 at 1.0926.
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