The EURUSD is moving lower as London/European traders look toward the exits.
After running above the 1.1200 level in the early US session and extending to new highs for 2024 in the process, the price has shifted to the downside over the last three hours of trading.
Swing highs from last Wednesday and Friday, and from Monday this week were all rebroken to the downside at 1.1188, 1.1181, and 1.11665 respectively.
The EURUSD price is now testing the rising 100 hour moving average at 1.11519. So far buyers are leaning against the level on the first look. However if broken, I would expect more downside probing with traders looking toward the 200 hour moving average near 1.1134 (green line on the chart above).
This article was written by Greg Michalowski at www.forexlive.com.
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