The EURUSD fell below the 100 hour MA (blue line…bottom Goal Post – see POST) and the market did what it was supposed to do. The selling has been hard with little in the way of a correction. The leg to the downside took out 2 of the 3 targets so far and has also breached the old trend line connecting the highs from Sept 21 and Sept 25 (see chart above) at the 1.2867 level. This level wil not be eyed as close resistance by shorts and by the longs who are caught.
The 38.2% of the trend move lower comes in at 1.2881. Staying below this level will also keep the bears in charge and keep the longs worried.
Finally, Remember the Alamo but also Remember the 200 day MA. Today it comes in at 1.2823.
