The 1.0600-05 area is next target
The EURUSD has dipped to new session lows and is moving further away from the 100 bar MA on the 4-hour chart (at 1.0643), the 61.8% at 1.0644, and the 200 hour MA at 1.0666. Those level are now levels to eye on the topside. A move above will be needed to turn some of the bearish beat around (to the upside).
The pair is approaching the 1.0600 area. The 1.0605 is where the underside of a broken trend line cuts across. The low has just reached 1.0614.
Mike points out in his option expires report from this morning, that tomorrow there is a healthy 2.86B expiring at 1.0600. Will option traders defend the level? The range today is twice the 22- day average (range is 258 pips vs 123 average).
