EURUSD trades to new session lows after stronger Chicago PMI data

Technical Analysis

Author: Greg Michalowski | eurusd

Cracks below 100 hour MA. Swing area and underside of trend line eyed

The EURUSD has moved to new session lows after a better than expected Chicago purchasing managers index. 

The price has moved below it's 100 hour moving average of 1.13412. More bearish. 

The underside of a broken trend line comes in at 1.13268. The 1.1321-25 area is a swing area going back to mid-November.  Those are the next targets. 

Below the 1.1321 opens up the downside for the pair with the 1.1300 area the next target. Teh 1.1300 level was the low from August and again at the end of October.  IN November, there have been dips below the 1.1300 level. Although the price traded below on 6 days, there were only 3 days with closes below the level. 

Since the break of the 100 hour MA, the price has stayed below that MA line. the low from yesterday came in at 1.1348. Stay below keeps the sellers firmly in control now. 

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