Broke below the 200 and 100 hour MA
The EURUSD has trended lower in the London/European session with little in the way of rebounds so far.
The run to the downside has seen the price crack below the 200 day MA at 1.1096 and the 100 day MA at 1.10636 levels. The 200 day MA was broken yesterday on few occasions and failed on the break. ON Friday, the price also moved below the 100 day MA, but those breaks were also faced with limited momentum.
Today's moves below were met with more selling momentum. Those levels are now risk for sellers. Stay below, keeps the bias to the downside. A closer intraday risk level comes in at the 1.1031 level. That was the last biggest corrective high (see chart above). The 38.2-50% of the last move lower today, comes in at 1.1028-452. Staying below that yellow area in the chart above would also keep the sellers more in control.
Taking a broader look at the hourly chart, him on further downside momentum, the next target comes in at the 1.09507. That was the swing low from February 28 below that look for the 109.06 to 109.25 area is a swing area. The 1.0906 area is also a lower channel trend line.
Taking a broader look at the daily chart, the price low has tested a November 2019 swing low at 1.09806. Below that the 1.09236 level will be eyed.
