The price of the EURUSD is extending to a new session low and is also moving below its 100 hour MA at 1.07726. The price is also moving away from its broken 200 day moving average at 1.07857.
Those levels are now close risk levels for sellers. Stay below is more bearish.
Earlier in the US session, the price did spike higher after the lower-than-expected PPI and the rise in initial and continuing claims (weakening jobs). However, after reaching toward the Asian session high – and falling short of the 50% midpoint of the June trading range at 1.0817 – buyers turned to sellers and pushed the price back to the downside.
The breaking of the aforementioned moving averages tilts the technical bias more to the downside. The next target comes at 1.0752 to 1.0756. Below that, and the June low at 1.7198 will be eyed.
This article was written by Greg Michalowski at www.forexlive.com.
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