The EURUSD is trading at new lows for the day now and looks toward the next target at the years low at 1.1459. The price has been able to push away from the 100 hour MA and the broken trend line and extend now below the 1.1535 prior low for the week. The 38.2% of the days range (with 1.14638 as the low) comes in at 1.15348. This should help to make this level important from a technical perspective.

The range for the day is about 180-190 pips which is well above the 22 day average of 93 pips. The strength is indicative of a market that still prefers the downside, but traders can see that low from last week and will want to get below it.

EURUSD hourly chart.

EURUSD hourly chart.

The movement further away from the 1.1639 level (low from 2005) and now the 100 hour MA, continues to paint a more bearish picture for the EURUSD

At 9:45 AM Adam Button and I will be conducting a Google hangout to talk about the ECB actions today and review the technical picture for the pair. You will find the hangout by staying on our website.