The pair is stepping down in trend lower trading.
The EURUSD is trending to the downside as the market steps through technical levels.
Looking at the 5 minutes chart, the move to the downside started with the brakes of the 100 and 200 bar moving averages (blue and green lines at the top of the chart). Note how sellers leaned against the 200 bar moving average (green line) on the break.
Next came the break of the 100 hour moving average (currently at 1.09367). Again once broken, the sellers leaned against the moving average level and eventually force the price lower.
The most recent break is the fall below the 200 hour moving average at 1.08877. The price is running away from that level and trades to a new session low at 1.08607.
It will take a move back above the 200 hour moving average and the 50% retracement of the last move down at 1.088972 weaken the bearish bias.
Taking a broader look at the hourly chart, the next targets on the downside come in at the 61.8% retracement at 1.08521 and then recent swing lows from April 9 at 1.08404, the April 8 low at 1.08293 and the swing low from April 2 at 1.0820. The low price from last week (April 6) was down at 1.07677 and may be a target down the road as the bias tilts quickly back to the downside in trading today on the trend move lower today.
