EURUSD extended the range lower, but China news threatens the downside break/bias
The low today got closer to the 2019 low not close enough.
The EURUSD fell to the lowest level since August 1 at 1.10263. The low reached 1.1051 which was the lowest level for the week, and extended the narrow range for the week to 61 pips (from 49). Nevertheless, the low is still a good ways short of the low for the year. This week, the pair did a good job of stalling near the swing lows from April, May and July (see red circles) in the 1.1100-09 area. The high for the week could only get up to 1.1113.
Drilling down to the hourly chart, the price has now moved back above the swing lows from the first 4 days of the week in the 1.1063 to 1.10658 range. That area is now the close risk area for buyers looking for a bigger rebound.
IF the pair moves higher from here, the 100 hour MA comes back in play (at 1.10856).
Driling further to the 5 minute chart below, the corrective high in the early European session stally at the 1.10735 level. The recent highs reached just short of that level. A break above would be more bullish for the pair and look toward that 100 hour MA above.