Trades to new session lows
The EURUSD is trading to a new session low after the attempt to extend above the 1.1600 level in the early European session failed. The high for the day reached 1.15977. The high yesterday reached 1.16009 before rotating back to the downside.
The pair has moved below the Asian session low at 1.15594 on its way to the new low for the day (at 1.15401). That level will be eyed as a close risk level now.
On the downside, the 38.2% retracement of the move up from the old ceiling area at 1.1369-77 area. That level comes in at 1.15126. Below that, and the traders will be eyeing the 100 hour MA.
Those targets only happen if the price can now stay below the 1.15594 area. If the selling seen now dries up, the buyers are really more in control. The biggest negative, however, is the inability to get above 1.1600. That has traders on the fence up here....
PS. Dont forget the daily chart.
The 50% retracement of the move down from the 2018 high to the 2020 low comes in at 1.15958. The high price today reached 1.15977 (and yesterday 1.1600). Finding sellers against the 50% retracement, is another reason to be cautious about the upside. Saying it another way, the buyers need a move above the 50% and 1.1600 to have more confidence that the Bull Run is to continue.
