NY pushes down on the EURUSD

NY enters and sends the EURUSD to the downside

• The price breaks below the 100 hour MA (blue line) at 1.3325 turning the bias to the downside (now resistance)
• Next key target at the 200 hour MA (green line) holds support so far at the 1.3299 level.

The price is in a very narrow trading range over the last 6 days (129 pips).

• Looking at a weekly chart (Monday to Friday), you need to go back to mid July 2007 to have a week with less than 129 pip range.
• The most narrow week range going back to that time, has been 143 pips.

This suggests the market should be poised to break out. A move below the 200 hour MA at the 1.3299 should not be ignored.

Intraday: If the early momentum to the downside is to continue today, the 1.3325-30 area should attract selling interest. This area represents the resistance against the 100 hour MA (at 1.3325) and the 38.2% retracement of the move down today(see 5 minute chart above).