EURUSD heads toward session lows in up and down trading

Technical Analysis

Author: Greg Michalowski | eurusd

Trend line approached

The EURUSD started the session at the day's lows (at 1.1356). The low was along a lower trend line which was broken on Friday, but failed.  The rise off that trend line took the price toward the falling 100 hour MA (blue line in the chart below) where early sellers came in  The price has traded below the 100 hour MA since January 11th.  The high reached 1.1390.  Ultimately,a move above the 100 hour moving average will be needed to swing the bias back to the bullish side.  

EURUSD hourly chart

The fall into the NA session has taken the price to a recent low of 1.1356 - right at the lows for the day.  We are just above that level now.

The lower trend line (I will keep the old trend line in tact), comesi in at 1.1353. That is near the low from Friday's trade. 

Taking a broader look at the daily chart below, the 1.13501 is the 61.8% of the move up form the November 2018 low to the January high.  A move below would be more bearish technically. 

EURUSD tests 61.8% retracement on the daily chart
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