The EURUSD is trading to a new set as low as the day comes toward a close. In the process, the price has dipped below the swing area between 1.1062 and 1.1075 bread see red numbered circles on the chart above.
The next target on the downside comes against the rising 100 bar moving average on the 4-hour chart and 50% midpoint of the move up from the July 6 low. Both of those levels come in near 1.10539. A break below each of those levels would open the door for further downside momentum.
Conversely, if support buyers lien against the dual level, I would expect another run toward the 1.1092 area and then the broken 38.2 at 1.1106.
This article was written by Greg Michalowski at www.forexlive.com. Source