Pierces trend line level
The EURUSD has moved to new session lows after the US data today.
The pair has pierced trend line support at 1.0729 BUT is running into the 100 bar MA on the 4-hour chart at the 1.07246 level. The area with the two technical levels are attracting some buying. A battle is going on.
ON a break, look for the buyers to reverse. The 1.0700-06 area is another key target that should find support buying. The level corresponds with the broken 38.2% of the move down from the November election high on the daily chart below. It also is the 50% of the move up from the March low to the March high (at 1.0700 - see hourly chart above). Back on March 16th, the price based at the 1.0706 area.
