The EURUSD has moved to a new low for the day, and in the process, the price has moved below the 100-hour moving average 1.06748. Breaking below the 100-hour moving average will now set that level as a resistance level. The bias is now tilted more to the downside. On the downside, the next target comes near the 1.0655 level followed by 1.0644 and the swing low from September at 1.06312. Remember that the low was near the May 31 low price at 1.0635.
Moving below 1.06312 will next target the 38.2% retracement of the move up from the 2022 low. A level comes in at 1.0610. Move below that level and the sellers increase their bias control.
This article was written by Greg Michalowski at www.forexlive.com. Source