EURUSD falls below 100 bar MA on 4-hour chart/50% midpoint of the month's range

Technical Analysis

Author: Greg Michalowski | eurusd

Test above 100 hour MA in the EURUSD at the high, failed.

The EURUSD is trading to a new sesssion low on USD buying after the better Philly Fed, and initial claims data. Building permits and housing starts were also better than expectation (last month). 

Test above 100 hour MA in the EURUSD at the high, failed.
The fall in the EURUSD has taken the price to a new session low of 1.1119. In the process, the price is below the 100 bar MA on the 4-hour chart at 1.11949.   That is also below the 50% of the May trading range at 1.11987.   Moving below those leveles helps to tilt the bias more to the downside. They are also risk levels for shorts now. 

Earlier at the highs today, the price moved above its 100 hour MA (blue line) at 1.12202 currently. That MA was tested yesterday and stalled. The failed break today, gave buyers cause for pause, buyers turned to sellers and the the price rotated lower.  The fall below the 200 hour MA at 1.12105, kickstarted the fall evenlower.

The 61.8% is being tested now at 1.11835 currently.  A move below that, and the low for the week at 1.1177, and then the lows from last week at 1.1172 and then 1.11646-663 will be eyed.  

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