Target of 38.2% and 100 hours now targeted
EURUSD fell below 100 days MA 1.09645 after testing and bouncing in the previous time bar. The breakout triggered stops and the price hit a new low at 1.0936. We are currently trading at 1.0944.
The inability to stay above the 100-day moving average tilts the bias down for the pair. Since the end of March, the euro had not exceeded its 100-day moving average. Today’s high price also stagnated before its 200-day moving average at 1.10131. Buyers were unable to take the next bullish step, and sellers have now discredited the break in the 100-day moving average.
On the downside, the 38.2% retracement at 1.09185 and the 100-hour moving average at 1.09127 are the next downside targets. In front of these levels, the swing of May 18 at 1.0926.