EURUSD moves toward swing area/retracement

Technical Analysis

Author: Greg Michalowski | eurusd

38.2% is at 1.15419

The EURUSD fell below a lower channel trend line in trading today and that seemed to turn the bias a little more to the downside.   The pair got a kick lower in early NY trading and the price is moving toward a swing area/38.2% retracement at the 1.15419-49 area.  Below that is the 100 and 200 hour MAs at 1.1523-24.  Those levels are doable today.


On the topside watch the 1.1570 area.  That line has been home to some swing levels (bullish above and bearish below) going back to September 28th.

It's Friday. Weekends have additional risk that can influence flows.  

The sellers are more in control today as a result of the trend line break, but patient buyers might be looming for a quick trade if there is more of a run.  Shorts from above, should gets spooked out above 1.1570 area.  

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