Looking toward the 1.100 and lows since November

The EURUSD is trading back near session lows. The low for the day reached 1.10257. The price just traded to 1.10259.

Looking toward the 1.100 and lows since November

Looking at the hourly chart, the 1.1028-31 area were swing highs from the week of November 25th. On December 2nd, the price broke higher and stayed above. Today, the price is trying to get below that level.

A move away from this area would have traders looking toward the 1.1000 natural support level followed by the swing lows from November at 1.0988 and 1.09806.

For the week, the pair spent into Thursday in a 47 pip trading range (red box). Yesterday in the NY session, the price broke out of that box and the 100 day MA (blue line at 1.10663 and raced lower. The price bounced toward that MA line, but stayed below (the high corrective price reached 1.1061 - 5 pips from the MA line). That keeps the bears in control.

Intraday, it will take a move back above 1.10392 (give it a few pips) to weaken the bearish view. That was the low from December 6th. The last two 4 hour bars has highs at 1.10394. Seems like a decent intraday level to eye on a Friday for traders.