EURUSD move to new lows. Tests 100 day MA at 1.08156

The EURUSD has moved to new lows in the last hour of trading. The move lower has taken the price within a couple of pips of the key 100-day moving average 1.08156. Risk-focused traders are stepping in against that moving average level on the first look, hoping for a bounce back to the upside. If that moving average can hold, the 61.8% retracement at 1.0835 and the 200-hour moving out at 1.0838 are upside targets.

Conversely, if the 100 day moving average is broken, I would expect increased momentum to the downside with a swing area 1.0795 to 1.08067 as the next target followed by the 50% midpoint of the range since March at 1.07906 and the 200-day moving average at 1.07866 all downside targets.

This article was written by Greg Michalowski at www.forexlive.com.