Stalls fall at the 61.8% so far today
The EURUSD has stepped down in trading today and in the process tests the 61.8% of the move up from the May 23 low. That level comes in at 1.11477. The low reached 1.1147 so far today.
The move lower and sellers received confirmatino that heading lower was OK when the price high in the Asian session stalled ahead of the 200 hour MA at 1.11706 (green line in the chart above - risk level now).
The 100 and 200 hour MAs were re-broken yesterday and moved to a lower trend line before rebounding to that 200 hour MA (green line). The lower trend line is at 1.1142. That trend line, and the swing low from May 21 at 1.11414 are the next targets to get below.
On the topside now, a move back above the 50% midpoint would dampen the technical bias a bit, but the 200 hour MA is more important on the topside. That comes in at 1.11706 currently. Stay below keeps the bears in control.
