New lows reached and trades at the lowest level since November 29
The EURUSD moved to a new day low, and in the process traded to the lowest level since November 29. The low price has extended to 1.09918.
Looking at the daily chart above, the most recent swing lows came in November. The 1.09885 to 1.09918 area were swing bottoms. The low for the month extended to 1.09806. So there is some apprehension as the support levels are tested.
Drilling to the hourly chart lower trend lines come in at 1.09877 (and moving lower) and 1.0979 (and moving lower). The lower trend line is just below the November 2019 low price. That should increase that levels of importance on for the weakness
On the topside, the pair remains below its 100 hour moving average. That moving average currently comes in at 1.10269 and moving lower (blue line in the chart above). In last week's trading there were a few tries above that MA line but each failed (not closes above the 100 hour MA. You have to go back to January 17 to get so hourly bar close is above the 100 hour moving average. Key level for the day and through the FOMC rate decision later this afternoon.
