EURUSD tests retracement target on run lower after Rehn comments

Technical Analysis

Author: Greg Michalowski | eurusd

61.8% at 1.1111

The EURUSD has moved lower, extending the trading range for the day and moving away from a topside channel trendline and the 50% retracement level (at 1.11377 - now risk for shorts  - see earlier post).  

61.8% at 1.1111
The pair is testing the 61.8% retracement of the move up from the August 1 low at 1.11115 level.  A move below will have traders looking for a break of 1.1100 and then a lower channel trendline at 1.1092 (and moving lower).

The price just broke the 1.11115 level as I type and trade down to 1.1107. Sellers taking more control and seeing how far they can push. 

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