Selling resumes....
The EURUSD is going for the next key target at the 1.1519 area (Bloomberg has a low at 1.0524). This is the low from December 2015. The low from April 2015 also comes in at that level. Key level. A break and even more selling can be expected. The 2015 year low reached 1.0460. A move through that and we are trading at the lowest level since 2003.
If the buyers stick a toe in the water against support, a move above the 1.0540-45 area as a positive for those longs.
Looking at the 1-minute chart below, there are two lows at the 1.0540 level. The 38.2-50% of the last move lower comes in at 1.0538-427. The 100 bar MA held the last correction. A move above it would be something more positive as well.
Note that the market is trending so buyers need to prove they can take back some control. So far they have not proven they can do that. So the burden remains on them. If they can get above the aforementioned levels, it does not guarantee the bottom is in place (although there will be a triple bottom). The next targets will be eyed. But it will be a step (the first step in the NY session today), in another direction....
