Makes a break lower
The EURUSD fell in the Asian session on Catalonia election results. The tumble was quick and the price rebounded. The subsequent high, stalled at the high from last week's trading at 1.18622. That level was broken on Wednesday, tried to hold yesterday, before waffling above and below the level.
The holding of that level on the corrective move higher today, gave sellers some ammunition from a technical perspective.
The 38.2% of the move up from last week's low comes in at 1.18308. We dipped below it already, but saw the bounce back toward the 100 hour MA. Staying below the 100 hour MA is more bearish as is getting and staying below the 38.2% retracement.
