Trades with the illiquid feeling
The EURUSD marched down in a fairly steady fashion after the US GDP . Looking at that move lower (see 5 -minute chart), there was little in the way of buying. Just a steady selling that took the price from 1.0917 to 1.0864.
In the process, the pair has moved back below the 100 and 200 hour MA support area at the 1.0877 and 1.0873 respectively. Trend line support off the hourly chart was also breached.
The break below is more bearish for the pair as long as the price stays below. The next target comes in at 1.0856 (61.8 retracement and other swing lows).
There is that element of illiquidity in the market. It is Friday. It is month end. Right now the sellers are in control.
