As the EURUSD moves lower, so does the EURGBP (which may be helping the EURUSD decline as well).
Looking at the hourly chart, the price moved above a swing area between 0.8367 and 0.83717 in the European session. That sent the price up to a high near 0.8378. However momentum could not be sustained, and the last four hours as seen the price reverse all the gains of the day, move below the 100 hour moving average at 0.83515, and the 200 hour moving average at 0.83477.
The next target comes against swing lows from last Thursday and from the open yesterday near 0.8336. There is a swing area (see red numbered circles) between 0.8331 and 0.83358.
Close risk will now be the moving averages. More specifically, stay below the 100 hour moving average at 0.83515, and the sellers hold control. There should be sellers against those moving averages.
PS Note that the early European session low based against the 100 hour moving average (blue line) before moving higher. The most recent break below that level (after testing in earlier today), increases the levels importance going forward.
