Forex technical analysis: EURUSD seeing some profit taking

Technical Analysis

Author: Greg Michalowski | eurusd

Moves up toward 2015 low

The EURUSD reached a new low price going back to January 2003.  In the process it took out the low from March 12, 2015 low at 1.0462. That level is now resistance.  Stay below and the bears remain in control.  Looking at the 5 minute chart below the falling 100 bar MA  is moving to that level now and the 50% of the days range is at 1.0466.  So that area has a lot of stuff around it that should solicit selling on a test with stops above.

Looking  at the daily chart below, the fall below the 1.0462 level was preceded by a fall below a lower trend lne at the 1.0471.  Stay below the area and the sellers remain in control. Move above and it may lead to more corrective action. 

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