EURUSD extends below its 200 hour moving average and 38.2% retracement

Technical Analysis

Author: Greg Michalowski | eurusud

Levels become risk defining for shorts now.  Trend line on the hourly comes in at 1.1024.

The EURUSD has moved to new session lows as Powell begins his press conference. The fall has now taken the price below its 200 hour moving average at 1.10415 as well as its 38.2% retracement at 1.10353.  Staying below those levels keeps the bears more in control.  Moving back above will muddy the waters for the bears.

Levels become risk defining for shorts now.  Trend line on the hourly comes in at 1.1024._
The low so far as reached 1.10245. Recall that the August 1 low stalled at 1.10265. The low also stall against a trend line on the hourly chart below at that level .  

A move below that level should solicit more downside momentum with 1.1000 as a natural support level. The low for the week extended to 1.09897.  

Moving below those levels and traders will look toward the September lows at 1.0923-26.

EURUSD

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