The EURUSD is trading below its 100-day moving average for the second time today. Earlier day the price fell below the moving average but quickly reversed. This is the second try. Will it be the charm?
On the downside, a swing area between 1.0795 or 1.0806 is joined by the rising 100 bar moving average on the 4-hour chart. Breaking below that level would then have traders looking toward the 200-day moving average 1.0786. The 38.2% retracement of the move-up from the April low is at 1.0782.
Sellers are making a play below the 100-day moving average. The price highs over the last week or so has seen lower highs. Can the selling continue below the 100-day moving average and chip away at the aforementioned target levels?
This article was written by Greg Michalowski at www.forexlive.com. Source