The EURUSD is moving to a new session and week low and in the process has broken back below a cluster of moving averages including the:
- 200-day moving average 1.08256
- 200- bar moving average on the 4-hour chart at 1.0820
- 100-day moving average 1.08134.
The prices also moving below a swing area down to 1.08038.
The next target comes against the 100 bar moving average on the 4-hour chart. That level comes at 1.07908. Move below that level and traders would look toward the low from last week at 1.07605. After that target, and a key swing level down at 1.0723 would be eyed by sellers.
This article was written by Greg Michalowski at www.forexlive.com. Source