EURUSD extends to new session lows

Technical Analysis

Author: Greg Michalowski | eurusd

New week lows after the better PMI data

The EURUSD has extended to new session lows after the better than expected Markit PMI data. The price has extended to a new week low as well taking out the prior low at the 1.1046 area. That is also where the 200 hour moving averages is found.

New week lows after the better PMI data
The low reached 1.1042. That is right near the 50% retracement of the move up from the low last week at 1.10425.  

When the market gets in such a muddy rut, it can take a few runs to get out. There could be some rocking back in forth, but the sellers have taken more control on the move.  The price should not trade back above the 1.1055 level if the sellers are to keep the bias control today.

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