The EURUSD is trading to a new low and in the process is testing the low from last week along with a swing area between 1.0899 and 1.09126. Get below that area, and the sellers are taking even more control.
On the downside, the 200-day MA at 1.08735 would be the next key target. The last time the price traded below the 200 day MA was back on August 2.
Earlier today, the price rebounded toward the 100-day MA at 1.09346. The ability to stay below the 100-day MA gave the sellers the go-ahead to move lower.
This article was written by Greg Michalowski at www.forexlive.com.
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