The EURUSD has reached a new session low, trading close to 1.0953. This level tests the 50% midpoint of the range between last week's low and high, which is 1.09529. Notably, the currency pair is also trading below the 100-hour moving average at 1.0986 and near the 200-hour moving average at 1.09447. In this context, sellers seem to be gaining momentum as they target lower levels.
A sustained break below the 200-hour moving average could provide sellers with increased confidence to continue pushing the price downward. This moving average aligns with the upper boundary of a significant support area, ranging from 1.0924 to 1.09438. If the price breaks and remains below 1.09447, the next target for sellers would be 1.09241.
Sellers are making a play with additional levels to get below to give traders/sellers more confidence (and worry the longs at least in the short term).
