Level at 110.22 broken
The EURUSD has continued the assault to the downside and has now traded back below the 100 day MA at the 110.22 level. As mentioned earlier, this is not new. Last week the price traded above and below this key moving average on 4 of the 5 trading days. On Friday, the price did not trade at the level and price surged higher on Greece optimism
Today, is a different story. We have a Greece solution. There is still some Greece uncertainty, but the end game is nearer. The price of the EURUSD has been trending lower. The price moved below the 100 and 200 hour MA along with the 50% retracement at the 1.1065 area.
With the price above and below the 100 day MA once again, there is that risk that the market falls back in that pattern. For those that like trending markets, a move back below the MA level and then below the 1.1000 level would be the best case scenario. Targets would be collection of lows from last week. There is no escaping those levels. Time will tell, but the sellers remain more in control.
