EURUSD extends even lower. Below the 50% retracement and 200 hour moving average now

Technical Analysis

Author: Greg Michalowski | eurusd

Bears liked staying below the 100 day MA.

The EURUSD has extended to new session lows and in the process has moved below the 50% retracement and the 200 hour moving average at the 1.1046-48 area. The price is currently trading at 1.1040. 

Bears liked staying below the 100 day MA._
The run to the downside move below the 100 day moving average earlier.  What helped the bearish bias technically was that the correction off of the initial low, stalled right at the 100 day moving average (at 1.1064).  That was a clue to sellers to take the price further to the downside. Bears in control (see earlier post outlining that key level and importance). 

Sellers remain in control. The next target comes in at the 1.1028-316 area. That area is home to swing levels (see red numbered circles), and the 61.8% retracement of the move up from Friday's low (at 1.10322).  

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