EURUSD falls below its 100 hour moving average
The EURUSD has cracked below its 100 hour moving average at 1.05407 now, tilting the bias more to the downside in the process.
The next downside target on the hourly chart comes between 1.0505 and 1.05095 (see red numbered circles). Below that and traders would target the 1.04904 swing lows from Monday and Tuesday's trade.
The cycle low was reached last week at 1.04703 on April 28. That was the lowest low going back to early January 2017 (see weekly chart below).
On the weekly chart, there is a swing area between 1.04617 and 1.05187 (see red numbered circles in the chart below). The price has reentered into that region. A break below and the 2016 2017 low at 1.0339 would be the next major target.
EURUSD is back within a swing area between 1.0461 and 1.0518
