Been under pressure for most of the day
The EURUSD broke below trend line support in early trading today, and over the last few hours has pushed below the 200 hour MA and the lows from Monday's trade as well at 1.12719 and 1.12705 respectively. If that lid can hold, the shorts will be happy : ) (or feel the happiest). It also shows that traders like the short side. They are leaning.
The next targets come in at the 1.1240-45 area. The 1.1245 is the swing low from August 16. THe 1.12433 is the 38.2% of the August move higher and the 1.1240 is the low from August 17. The low so far has centered between the close resistance above and the targets below. A little battle going on. Further down sits the 100 day MA at the 1.1223. Keep that level in your mind. If we get down there, it should be a tough nut to crack.
Can the sellers keep the pressure on?
