The high today found sellers vs the 100 hour MA
Traders in the EURUSD are pushing toward the lows from last week. The price is now trading below the Friday low at 1.10164. The Thursday low at 1.10063 is now being targeted. The low for the week (from Wednesday) reached down to 1.0992.
The pair opened the week at the highest level since January 23, but has pushed lower. The 100 day moving average is broken in the New York session at 1.10662 and stay broken (after retesting the level on Monday). The 100 hour moving average and trend line support on the hourly chart above was broken yesterday and remained broken. The high today approach that moving average at 1.10487, but found sellers (the high reached 1.10474).
The inability to take the price back above broken moving average levels, gave the sellers the go ahead to probe lower. More recently the US ADP data was stronger than expected and that is helping to push the USD higher (and the EURUSD lower).
Sellers have been pushing lower all week. Yes, there were corrections, but those corrections stalled at broken technical levels keeping the sellers in control. The lows from last week are now in the sights for those sellers.
