Day moving more toward normalization
The EURUSD has continued the push lower and the range has been extended to something more normal (111 pips is still shy of the 141 pips average). The next target was approached at the 1.0811 area from prior post (the low reached 1.08185). This is a lower trend line on the hourly chart. The line is not the strongest but it is a target that traders seem to be leaning against for a breather and to take some profits. The pair has seen the price tumble about 60 pips in the last hour of trading (we are getting a snap back rally off the 1.08185 low - trading at 1.0834 currently)
Looking at the 5 minute chart, the last trend leg lower has the 38.2% -50% correction zone at the 1.0845-54 now. This will be eyed as corrective resistance now. Stay below and the trend move lower, keeps its control on the market.
