EURUSD trades to a new low for the day/week and approaches a key target support level

The EURUSD is falling to a new session low for the day and a new low for the 2-days of the new trading week.

The move lower has the pair moving downward toward its

• 200 bar moving average on the 4-hour chart,
• The broken 38.2% retracement of the move down from the March 2023 high, and also the
• Rising 100-day moving average.

All those levels come in at the same 1.07458 level, making the level a key barometer for both buyers and sellers. If the price can stay above that level, the buyers remain more in control. If the price moves below the level, sellers start to take back more control from the buyers (look for more selling on a break).

Note earlier in the day, the high price fell short of the 50% midpoint of the same move lower. That level was also the high price from Monday’s trade. The inability to extend above that level gave the sellers the go-ahead to push to the downside.

Yields have also come off of their high levels giving a small boost to the US dollar.

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