Trades at London session lows.
The EURUSD opened lower today but at the lows, the pair was testing a low trend line on the daily chart at 122.81. The price bounced (see daily chart below). That line is a target on the downside today/going forward. Get below is more bearish.
Drilling to the hourly chart below, the pair has just fallen below its 100 hour MA at 1.23118 (that MA was broken to the upside earlier today and held on a test). The fall below is more bearish intraday if the price can stay below.
The price of the EURUSD is still higher on the day, but the sellers are wrestling some control with the break of the 100 hour MA at 1.23118. Stay below, and the 1.2275-79 area (swing lows) is the next major target on the downside. That was the low today. It was the low on Friday and going back to February 14th as well. On Thursday last week, the price fell below that area on a number of times but just could not muster much selling.
SUMMARY: The sellers are trying to wrestle more control now on the break of the 100 hour MA at 1.23118. Stay below, and the the 1.2281 trend line on the daily and the 1.2275-79 area from the hourly chart, will be targeted. Today the low reached 1.22796 right in that area.
Move back above the blue 100 hour MA line (give it 5 or so pips) and the market waters are more muddy on the failed break. We will see, but the sellers are trying to force the action back to the downside.
