Staying below the 1.05517 swing low form last weeks trading
As the London fixing comes and goes, the EURUSD is trading at the session lows. The low price has extended to 1.0532 so far.
The pair got another push lower after the better University of Michigan data at 10 AM. That helped push the price below the swing low from last week's trading at 1.05517. That level has held retracements since that break lower. It is now a close risk level for shorts who see lower levels ahead now. The 1.0600 level is another risk level above as is the 100 bar MA on the 4 hour chart at 1.0633. Yesterday, that MA was broken on Draghi and remained below it in trading today.
The sellers remain in control with the 1.0519-21 "old" triple bottom and then the Monday post Italian referendum low at 1.0503 as the next key targets. A move below that 1.0503 level and the market will next look toward the 2015 low at 1.04607 level.
