New intraday lows for the EURUSD

Technical Analysis

Author: Greg Michalowski | eurusd

Price of the EURUSD moves below the London low at 1.17399.

The EURUSD has moved below the London session low at 1.17399 and making a new low for the day. The next major target comes in at the 38.2% at 1.1719. That is also near lows from July 29 and August 4. 

Price of the EURUSD moves below the London low at 1.17399.
The London session low saw the price bounce up toward the 1.1800 level. The high reached 1.1791. Above at 1.1804 was the 200 hour MA and a swing area at 1.1801 to 1.18089.  Sellers came in early against that resistance area (see yellow area).  

 If the sellers are to take more control, they have to get below the swing area below between 1.1713-207.  Last week (on Monday), the price fell below the low of that area and below the 200 hour MA (at the time), but quickly failed.  Getting below it should open the downside for more selling momentum. 
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