The EURUSD has moved to new lows in the last hour of trading. The move lower has taken the price within a couple of pips of the key 100-day moving average 1.08156. Risk-focused traders are stepping in against that moving average level on the first look, hoping for a bounce back to the upside. If that moving average can hold, the 61.8% retracement at 1.0835 and the 200-hour moving out at 1.0838 are upside targets.
Conversely, if the 100 day moving average is broken, I would expect increased momentum to the downside with a swing area 1.0795 to 1.08067 as the next target followed by the 50% midpoint of the range since March at 1.07906 and the 200-day moving average at 1.07866 all downside targets.
This article was originally published by Forexlive.com. Read the original article here.