Price is below the 50% at 1.11586. 200 bar MA on 4-hour chart tested
The EURUSD has come under pressure as German CPI data is a touch weaker than expectations at 0.0% vs 0.1% estimate MoM. The EURGBP is losing ground as well helping to contribute to the decline.
The pair is currently trading below the 50% of the move up from the July 22 low at the 1.11586. The 200 bar MA on the 4-hour chart is at 1.11512. Recent swing lows/highs came in that region including the low from yesterday. This is a key level that shorts will want to see broken. The high to low trading range is still a very modest 40 pips.
The EURGBP moved below the low from Monday at 0.8516. Stay below (and keep the momentum going) will have the pair looking toward key support at the 0.8482-92 area. There are a number of swing levels there as well as the 200 bar MA on the 4-hour chart and the 50% of the move up from the July 14 low. If the price gets down there, look for buyers to lean against the level with stops on a break.
