Recall from last Thursday, the EURUSD fell below its low from November 2021 at 1.11853. The price is currently trading at that level, after running to a new cycle low at 1.11207. That low was lowest level since June 2020.
A move back above the 2021 low would have traders targeting the 100 hour moving average at 1.12082 as the next target (blue line in the chart above. The price has not closed an hourly bar above the 100 hour moving average since January 17. Move above would give the buyers some comfort.
Will the sellers leaned and keep the short term intraday bias more to the downside, or will the moving averages rebroken and lead to more upside corrective probing after last week’s declines?
This article was originally published by Forexlive.com. Read the original article here.