New week lows as well
The EURUSD has taken out the lows for the day and low for the week (traded below low from yesterday at 1.11318. The pair has also been able to stay below the 100 day MA which comes in at 1.11632 today. The high reached 1.1157 before turning back lower.
That is the good news for the bears at least. The reality or bad news is that the range for the day is <30 pips (it is 29 pips now), it does not take much to move the needle to new lows (or new highs for that matter).
With the narrow trading range, sellers will be looking for an extension lower. The 61.8% of the move up from the swing low on Feb 10, come sin at 1.11245. Getting below that will be eyed. Then comes the 200 day MA at the 1.11022 level. That level should provide support on the first look.
First things first, this pair needs to get below 1.11245.
