....but the s him him upport area ahead of the recent low extremes slows the fall
The EURUSD had a choppy trading week last week with the price low on Wednesday at 1.20577 and the price high on Monday 1.21828. In between there was a number of up and down moves. On Friday, the price extended back above the 100 and 200 hour moving averages (blue and green lines, and spent the last 7 or so hours trading between each of those moving averages.
Today after a lower opening, the price moved up to retest the 200 hour moving average (green line). Sellers leaned against the level but could not get below the 100 hour moving average with much success. However, as ISM data started to come out in Europe, sellers started to take more control and push the price back below the 100 hour moving average, the 50% retracement of the range since January 18 at 1.21209, and a lower trend line just below that level at 1.2118. Buyers turned to sellers, and the price started to run to the downside.
The low today has found some support near a recent swing area ahead of the recent lows between 1.2070 and 1.2081. The price has bounced back up to 1.2093 currently. A move below the 1.2070 should solicit more downward selling.
On the topside, watch the 1.21000 area for intraday bias clues. Looking at the 5 minutes chart below, the midpoint of the trend move lower today comes in at 1.20995. Just below that is the falling 100 bar moving average at 1.20982. The natural resistance at 1.21000 adds another level of potential selling pressure. If the sellers are to remain in firm control, the price should not move above that area.
