EURUSD moves to new lows and tests 100 day MA

Technical Analysis

Author: Greg Michalowski | eurusd

50% of the move up from the ECB low also tested

The EURUSD has moved to a new session low and in the process cracked through a trend line, but stalled just ahead of the 50% of the move up from the ECB low last week, and the 100 day MA at 1.1271 area.  A move below that MA is needed to keep the sellers looking for more satisfied. The low just reached 1.1273.  

EURUSD tests 50% of the move up from the ECB low and 100 day MA.
Risk levels for shorts would be a move back above the 38.2% retracement at 1.12897. I know we have traded above and below that level today but the level was also lows on June 10th.  A move back above the 1.1308 and then the 100 hour MA at 1.13118 would shift the bias back to the upside technically.  

Sellers try to take more control with the key 100 day MA a work in process.

Drilling to the daily chart below, the move higher was able to get above a topside trend line at 1.1294. We are now back below that level (watch that level too).   The 100 day MA is also key now for the shorts to get below (key for longs too to stay above). 

EURUSD on the daily chart

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