EURUSD trades to session lows after US PPI

Technical Analysis

Author: Greg Michalowski | eurusd

100 hour MA eyed at 1.1235

The EURUSD is making new session lows after the better than expected PPI data. The pair moved back below the 100 day MA and the 200 hour MA at the converged level of 1.12538 (risk now)  Stay below is more bearish. 

100 hour MA eyed at 1.1235

The next target is the 100 hour MA at 1.1235.

Earlier in the day, the pair moved higher, only to find sellers against the 38.2% of the move down from the June 25 high at 1.12763. That retracement was broken yesterday, but the CPI data pushed it back down. Today, blame the PPI (at least for this pair). 

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