Stalled under the 200 hour MA/50% retracement
The EURUSD has cracked lower and fallen below the 100 hour MA in the process (again). That level comes in at 1.11175. It is now a risk level for traders.
The move lower today was preluded by staying below the 50% retracement at 1.11447, and the falling green line (currently at 1.11432). When the price then fell below the 200 day MA at 1.11369 (and the trend line), the selling continued.
What now?
Stay below the 1.11175 keeps the sellers in control.
On the downside, the 1.11000 and then 1.10923 and the low from January 10 at 1.10818 ar the next target.
Taking a broader look at the daily chart, note that the 100 day MA at 1.10617 stalled the fall at the last swing low in December. It will be a target on more selling going forward. That MA and the upward sloping trend line at 1.1045 area (and moving higher) are key targets to get below if the bears are to take even more control.
