The EURUSD has slipped to a new session low, extending what remains a relatively tight trading range. So far, the range for the day measures just 47 pips, still well short of the 88-pip average.
From a technical perspective, the pair is moving further away from the swing area between 1.1692 and 1.17028, leaving buyers with less near-term support to lean against and giving sellers some additional confidence. The focus now shifts to a cluster of downside targets, including:
200-hour moving average at 1.16674
61.8% retracement of the move since the July 1 high at 1.16615
100-hour moving average at 1.16522
That confluence of levels represents a critical support zone. A break below would undo much of Friday’s upside momentum, disappointing buyers who stepped in above those same technical markers on the run to the upside.
