Trading to new lows and below some key technical levels.

If you like the short side in the EURUSD? The technicals are lining up.

  • Fell below higher trend line at 1.2369 earlier in the day
  • Fell below the 200 hour MA at 1.2358
  • Fell below the 100 hour MA at 1.2348
  • Fell below the lower trend line at 1.2348
  • Fell below the 50% of the move up from the March 9 low at 1.23423.

Risk is a move back above the 100 hour MA or more conservative the 200 hour MA now.

Looking at the daily chart, what did not happen at the high yesterday is bearish.

The price tested a topside trend line and held. That too is bearish technically.