Tests 50% retracement of the move up from the November 29 low
The EURUSD has stepped lower and trades to a new session low at 1.1085. In the process, the pair is toying with the 50% retracement of the move up from the November 29 low. That comes in at 1.10895. We currently trade at 1.1087.
The bears pushed lower in the European session after the 200 hour MA could not be rebroken on the topside (green line currently at 1.11260). Sellers were leaning. The price moved lower. The initial fall did find support at the 50% retracement level, but after a modest correction higher that stalled near the swing low from December 12 at 1.11024, the price decline has resumed.
Bears in control.
Taking a broader look from the daily chart, the disappoint this week (and last) was not being able to stay above the 200 day MA (green line at 1.11452 currently). That is also the home to the 50% of the move down from teh June high. The high price last week did move above swing highs at 1.11744 to 1.11787. That too failed (the high this week stayed below that swing area too). So sellers were in control.
