Looks toward 50% retracement
The EURUSD has traded lower in trading today (and from the start as well). The price stayed below the broken trend line (see green circles) and moved below the lows from Friday and Monday. That opened the door for even more bearish selling.
The 38.2% retracement at 1.15675 was also broken and the price action has done a good job at staying below that target as well. Bearish.
The 1.15409 level (see red circled numbers) and the 50% at 1.15166 area the next targets on the hourly chart. The 38.2% has proved to be close risk for shorts now. A move above could see a move back toward the 1.1584-95 area.
For now....bears are in control and have been since the start of the trading day.
