The EURUSD is trading to a new session low at 1.02515. That takes the price further away from the broken 100 hour moving average 1.02622. The price is also falling below a swing area between 1.0254 and 1.0257.
Earlier today, the price fell back below the swing hi from August 2 at 1.02934, and the swing hi going back to July 21 at 1.02773. The 1.02773 is now close risk for sellers looking for more downside momentum. A move back above that level – and then the swing high from August 2 at 1.02934 – would negate the negative bias shift from the price action back lower today. Until then, the downside is more dominant.
On the downside, the 50% of the move up from the August low comes in at 1.02449. The rising 200 hour moving averages at 1.02266.
This week, the high price reached up to a key upside target area between 1.0339 and 1.03688. The high reached .1.03678 just below the upper end of that swing area. Sellers leaned, and pushed the price back down away from the key target area. The bearish move restarted.