EURUSD remains below old floor...

Technical Analysis

Author: Greg Michalowski | eurusd

... but trades quietly.


Most of the action in the EURUSD occurred before NY traders entered. The price fell back below trend line and the 100 hour MA at 1.1205 currently. It fell back below the 1.1200 -05 area which is home to a number of swing levels. It moved below the 1.11609-1.1171 swing area going back to May 18 (see lower yellow area in the chart below).  


IN the NY session, the correction higher stalled in the lower yellow area (see red circle 10) and that kept the bears in control. The low has extended to 1.11316. We currently trade at 1.1147.  The next targets at 1.11207 (38.2% retracement) and then 1.1107-09 (200 bar MA on the 4-hour chart) are the next targets.  The key risk level is 1.11609-71 now.  

Drilling to the 5 minute, intraday traders may be looking at 100 bar MA (blue line in the chart below) as a close risk level. The price decline today got a push on the move below that line and never looked back.  Staying below eases some of the bearishness away - from a technical perspective..