EURUSD price is trending lower today
The EURUSD continue the fall after the better than the expected retail sales today. The price has been trending to the downside with technical levels broken including the 100 hour moving average, the 50% retracement, and more recently a swing level between 1.17657 and 1.17709, and the 61.8% retracement of the move up from the August 20 low at 1.17570. The price is trading lower and trading at the lowest level since August 27.
Looking at the five minute chart below, the price action has not seen much in the way of corrective moves. Nevertheless, the last correction did stall near a swing low going back to September 13 at 1.17739.
Watch that level for close bias clues today. If the price starts to trade back above the 1.17694 to 1.17739 area, there could be further corrective moves toward the falling 100 bar moving average at 1.17811 currently (blue line).
