Continues trend lower...
The EURUSD is trading at session lows and is continuing the trend move lower in trading today. The pair corrected in the early London morning session, but has reversed course and is tumbling as NY traders enter and get engaged.
Looking at the daily chart, the pair has fallen below a trend line support at the 1.1075 level. A corrective low from Aug 18 and 19 at the 1.1016 level is the next target. Yesterday, the pair fell below the 100 and 200 day MAs. The fall and close below the 100 day MA was the second close below that level going back to the August 18th. There was one close below on September 22 but that was reversed the next day.
If this market is turning over a new, more bearish leaf for the pair, the market should continue to take the pair away from these key technical levels now....So far, so good.
