EURUSD trades to a lowest level since Jan 9. High prices today can’t reach 100 hour MA | Forexlive

The EURUSD is trading to a new session low and new low going back to January 9. The low price from last week at 1.0610 was broken. The price has traded to 1.0605 so far.

Looking at the daily chart, the price has entered into a swing area between 1.0573 and 1.0615 (see green number circles) a move below the lower extreme would open the door for further selling with the low price from January at 1.04808 as the next downside target. The 38.2% retracement of the move up from the September low comes in at 1.0460.

Traders looking for more downside would love if the price can remain below the 1.0615 level now and continue the move to and through 1.0573.

For sellers with a bias toward the USD going higher, staying below the 100 hour MA will now be a risk defining level. That comes in at 1.0663 and moving lower currently.

Although getting back above the 100 hour MA would tarnish some of the bearish bias, ultimately getting back above the 200 hour MA (see top chart above) at 1.0683 would also be a key target needed to be surpassed to increase the bullish bias in the short term. That MA stalled the fall last week, and also on Monday and Tuesday this week.