Trend line at 1.1284
The EURUSDs tumble lower today did crack below the high from last week at 1.1302, the 100 hour MA (blue line) at 1.12988 currently, the 38.2% at the same level but did find support against a lower trend line currently at 1.1284.
The corrections off the low have been modest and found sellers against the high from last week at 1.1302 (the high correction has moved to 1.1303). If the sellers are to remain in control, staying below the 100 hour MA and the high from last week, would be the best case scenario for shorts. A move above could see shorts give up an a rotation back higher.
On the downside, a break of the lower trend line would next look toward the 50% retracement at 1.12769 and then the rising 200 hour MA at 1.12692. The price opened the week below the 200 hour MA (the low for the week was in the first hour of trading on Monday) but was above that MA by the 3rd hour and has not tested that level since that time.
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