The lack of a break through 1.3700 has seen the sellers reinvigorated and they’re looking to get back in charge.
There was plenty of sell interest at the level and we also had the 55 dma and 2008 resistance line
EUR/USD daily chart 02 07 2014
The 200 dma put up a modest effort as support but that’s gone too and that’s going to add to the bears armoury.
Even though we’re only 40 odd pips from yesterday’s highs we’ve already wiped out more than 50% of Monday’s move up.
1.3645/50 is the next line of technical support and a break there could mean a painful run down to 1.3600 and the 100 mma at 1.3596
