Trades at session lows...
The data is out for the day with solid spending and income for the month. PCE was no worse than expected.
The EURUSD is trading at new session lows and technically, it has moved below the swing low area between 1.23837 and 1.2388 AND the 100 hour MA (blue line at 1.2388. That area now makes a lid for traders looking for more downside. By the way, a trend line from the Jan 11 low was also just broken after holding on the prior bar.
Thing are looking more bearish technically. The 50% of the last leg higher at 1.23505 is the next target. Then traders will start to look toward the 200 hour MA at 1.23125 and moving higher. The price of the EURUSD has not been below the 200 hour MA since January 11th.
