Tests next target at 61.8%
The EURUSD is moving to new session lows and in the process is testing the next target against the 61.8% retracement of the move-up from the July 25 low to the August 2 high. That level comes in at 1.1059.
In the process, the pair is moving away from key technical levels including the 200 bar moving average on the four hour chart at 1.1097, the 50% retracement of the move-up at 1.1092 the 100bar moving average on the 4-hour chart at 1.1079 and the 100 day moving average at 1.1079. The 1.1079 level is now a key risk defining level for shorts. Stay below and the sellers remain firmly in control.
The next key support area the I will be eyeing is at the 1.1023-28. This area goes back to late June to mid July with most of the trading during that period centered above that area.
Seller remain in control.