Falls below the 100 hour MA and triggers some selling

The EURUSD fell below the 100 hour MA at 1.0563 after 5 tests, and extended to 1.0557 in quiet trading. I would not call the extension a momentum move, but it is a new low, it did break a MA line that has been rock solid support today, and the market has been having trouble keeping a rallying.

In likely reality, the market will waffle around heading into the weekend, and trading will pick up on Monday with the 100 hour MA being a level that will define bullish above and bearish below.

Taking a step back and looking at the daily chart, the EURUSD fell below the 1.0503-20 level on Wednesday. That area on the daily chart corresponds to the swing lows from April 2015, November 2015, November 2016, December 2016 and from earlier this month (see red circles). If the pair is turning more bearish back below the 100 hour MA, the next key target area comes in at 1.0503-20. A move below and staying below will have the pair looking toward 1.0460 and then the lows from 2016/2017 at 1.0349.