The EURUSD has continued its move to the downside today, and in the process is now breaking below its 200-day moving average at 1.08162 and moving into a cluster of technical levels. Staying below that MA keep the sellers more in control with more work to do to increase the bearish bias.
The next target in the cluster, is its 50% midpoint of the move up from the June 26 low. That level comes in 1.0806 followed by the 100-day moving average of 1.07957.
Getting below that cluster of support increases the sellers control.
Step 1 complete with 2 to go.
This article was written by Greg Michalowski at www.forexlive.com. Source