The EURUSD has moved back below the 1.3000 level. The pair last moved below that level last back on January 10th, reaching a low of 1.1283 to 1.1285. That low stalled near other lows from January 6th and started a run to the upside. The run to the upside saw the pair break above the 1.13857 level. That took the price outside of a up and down trading range that went back to November, and ignited a run to the 1.14820 cycle level high reached on January 14.
Since then, the price has stepped lower breaking back below its 100 hour moving average (blue line) last Tuesday, and the 50% midpoint of the range since the December 15 low at 1.13514.
On Friday, the price tried to extend back above that 100 hour moving average and 50% mid point, only to quickly fail.
In trading today, the 100 hour moving average was once again approached on a corrective move in the early European morning session, but again found sellers willing to lean against the level. The current moving average comes in at 1.13349. Getting above that level would be needed to increase the bullish bias.
Absent that, the sellers are more in control.
With the price now below the 1.1300 level, the next targets come in at other swing areas including 1.1283 to 1.1285, 1.1271 to 1.1276 and 1.1260 to 1.1263 (see blue numbered circles, black numbered circles and purple numbered circles). Move below those levels and the door opens up for further decline store the recent swing lows down to 1.1233 and 1.12208.
The flow of funds is into the relative safety currencies for now. The USD is trading near session highs versus the GBP, CHF, CAD, AUD and NZD.
