EURUSD cracks the 1.2000 level. New North American session lows.

Intraday price action continues swing lower

The EURUSD has cracked below the 1.2000 level and fallen to 1.1995. That is a North American session low.

We are seeing a quick rebound back above the level. The 200 bar MA on the 5 minute chart is above at 1.20116. That is also the 38.2% of the move up from the low yesterday. Stay below is more bearish. If the selling is to continue it would look more bearish below that level.

Earlier today, the EURUSD raced through the 1.2000 level and then the 1.2042 level on it's way to the high of 1.20698. The 1.2042 importance is that it was the swing low from July 2012 (see chart below).

As NA traders entered for the day, the price action was above and below that 1.2042. When stocks started to improve, the price fell below that line and stayed below. The one corrective move higher stalled at the 100 bar MA (blue line on the 5-minute) and just below the 1.2042 level. That was a clue the sellers were in control.

So going forward, the 200 bar MA on the 5-minute chart at 1.2012 will now be eyed. Of course a move back below the 1.2000 level would make sellers more confident.