Quick move to the downside of 56 pips
The EURUSD just took a 57 pip nose dive - falling from a high of 1.1745 to a low of 1.16886 level. The price is currently trading around the 1.17000 level.
Technically, the fall took the price below the low from yesterday at 1.1714 and also the old swing high going back to August 2015 at 1.1711. That area will now be eyed as close resistance for the bears. Yesterday the 200 week MA was broken (to the downside) at 1.1776. The high today could only retrace to 1.1763 in the Asian session. Yesterday, the price also fell below an upward sloping trend line starting from the July 13th low. That trend line stalled the corrective rally yesterday (more bearish).
So sellers are making a play in the pair technically.
