EURUSD tests recent low at 1.08103. Will it break and continue downtrend?

The EURUSD is testing the low price from last Thursday at 1.08103. The low price just reached 1.08104.

A break below the level will have traders looking toward the low price going back to August 1. That level comes in at 1.0777.

Earlier today, the price tested the 200-day moving average in the early Asian session and the 61.8% retracement of the move up from the June low at 1.08709 and 1.08746 respectively. Staying below those levels gave the sellers the go-ahead to push to the downside.

Sellers continue to push lower after testing the 2024 high just 3 weeks ago in the 1.1200 to 1.1213 area. Last Monday, the price of the EURUSD moved below the 50% of the move up from the June low at 1.0938, the 100 day MA at 1.0934.

Today, the price is moving away from the 61.8% and the 200-day MA near 1.0872.

Does the pattern continue and the pair trend lower tomorrow?

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