The trend down continues for the EURUSD.
- The price has fallen below the 50% of the 2012 range
- The price has fallen below the bottom projected channel trend line in the hour chart at 1.3053 (see below).
- The prior low for the day was also breached.
Traders will be watching to see if the price break can keep the downside momentum.
Trend clues:
In a trend move like we are seeing today, traders tend to eye the corrections of the legs. If the price can stay below the 38.2%-50% , the trend traders remain in charge. Today, the price corrected 38.2% of the lsst move lower in the London session (to 1.30813 and held). This helped pave the way to the new lows. Watching 1.3054-60 on the topside now.
