The EURUSD has moved to a new low on the day after breaking below the rising 100 hour MA for the 2nd time today. The first saw the price move back up to retest a swing area and found sellers keeping the downside potential in play at least in the short term.
Move below the swing area - and stay below - would have traders looking toward the 1.0405 (50% of the EURUSD range since 2022) and the rising 200-hour MA at 1.0399.
Sellers are making a play. Can they keep the downside momentum going?
This article was written by Greg Michalowski at www.forexlive.com.
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