The pair slips to new session lows
The EURUSD is continuing the fall lower and trades at new session lows. In the process, the pair is making it's way to the lows for the month (at 1.1136) and the May lows at 1.1097. The 200 day MA is trending sideways at 1.10015.
The whole story in this pair started at the highs. For the third time in recent history, traders lined up against the 200 bar moving average on the four-hour chart and the price ended up coming tumbling down. The move from that peak 144 pips.
This is what the trend looks like on the 5-minute chart. The technical targets on the way down like the 100 hour MA, and the 100 day MA, only attracted minor pauses in the action and limited corrective action. As the selling has gotten lower, the recent corrections are larger. For the trend to end the buyers have to show that they are taking back the smallest of control. The 1.1164-68 is the closest battle they can win. That is the 38.2%-50% of the last little leg lower. It does not say the low is in place. It just muddies the water a bit.
The next target below is at the 1.1136 which is the June low and then the 1.1097-1.11015 which is the 200 day MA and the low from May. Looking back at that low (see chart above) in May, the 200 day MA pretty much stopped the slide there. It is a still 60 pips away from the current levels. (after 150 pips or so move). SO it might be a stretch. But watch the aforementioned resistance. Maybe this trend move has more bite to it....
Speaking of Attacking Currency Trends, the course by the same name and taught by the author of the book, will take place starting next Friday June 24th. If you did not catch or attack the trend today, maybe you might want to join the class. You will be then be prepared to catch the next one - instead of missing it. You can sign up by clicking HERE. Mr. M. did just an hour ago .
