EURUSD holds topside trend line and sellers push the pair back toward the day lows

The low for the day (and yesterday) reached 1.12731

The EURUSD moved up to test the topside trend line in early New York trading and was pushed away. The price has recently broken below the 1.1300 trend line area and momentum lower increased. The price has since moved down to a low of 1.12742. That is just above the low for the day at 1.12731, and the swing low going back to last Friday.   A break below (and staying below) would have traders targeting the 200 hour moving average (green line in the chart below) and 38.2% retracement near the 1.1222 area.


Close risk now is at the underside of that broken trend line near the 1.1300 area. More conservative risk for sellers would be the 100 hour moving average at 1.13325. That is near the downward sloping trend line as well (see red numbered circles).
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