January 18 low in the EURUSD at 1.20529 is also in play
The EURUSD as a fallen to a new session low and in the process tests the low from last week at 1.20577. Below that is a low from January 18 at 1.20529.
Move below that level and the pair is trading at the lowest level going back to early December.
Looking at the daily chart, the price is now below the 38.2% at 1.20634 as well. A move below the level would have traders looking toward the 50% and the rising 100 hour MA (blue line).
Drilling to the 5 minute chart, the price remains below 100 hour MA at 1.20769. There was a move above the 100 bar MA for 5 or so bars, only to fail quickly. If the price can stay below that moving average, the sellers remained in firm control. Be aware .
