Moved below the level yesterday and has stayed below
The EURUSD moved below the 200 week MA yesterday at 1.1356. That was the first look below the level since November 2017. Last week, the price fell below the 100 week MA at 1.1460. That was the first time since May 2017 (blue line in the chart below). Those are key technical breaches. Add the 50% at 1.1454 and it adds even more to a bearish technical picture from that longer term perspective.
Looking at the daily chart below, the low today moved into a swing area that goes back to September 2016. That area comes in at 1.1282 to 1.1312. In June 2017, the price moved above that area and has not been back since today. The low today reached 1.1308. The area is wide but traders should look to stall, take a breather in the area, with stops on a break below, but with the range kinda wide, the buyers may be patient (wait for the lower extreme). The range today is still light at 41 pips vs 75 pip average.
Taking another step to the hourly chart, the technical picture is also more bearish as the pair is below trend lines and old floors. The pair is testing the low for the day as I type. A trend line that has been dissecting ups and downs (see red circles) comes in at 1.1345. The close from yesterday was at 1.1343. The low from yesterday was at 1.1329. The high in the NY session so far is 1.1329. That might be the closest risk for shorts now.
