Forex technical analysis: EURUSD test next targets

Technical Analysis

Author: Greg Michalowski | eurusd

50% and 100 bar MA on 4 hour chart reached.

The EURUSD was able to stay below the 1.0517 -21 area on the NY session correction higher (see earlier post) and now trades to the next targets at the 50% and the 100 bar MA on the 4-hour chart. 

Ahead is the 1.0462 level which was the low price from 2015.  That level should give traders a cause for pause.  

We currently trade below the 100 bar MA on the 4-hour chart.  The 1.0462 level eyed. 

The EURGBP is helping the downside move for the EURUSD. It is trading at new session lows too and is approaching the next key support targets at 0.8643 (38.2% retracement). THe 0.8633 level is the 100 hour MA. The 0.8630 is the 100 day MA. We traded to a low of 0.8648 so far.