The EURUSD is making a break below the rising 100 hour MA. That level comes in at 1.04948. The price is also dipping below the November highs that came in between 1.04806 and 1.0496. The low price just reached just reached a new session low 1.04768.
So is looking for more downside could now use the 100 hour moving average of 1.04948 as a risk defining level. Stable is more bearish. On the downside, the 38.2% retracement of the move up from the November 21 low consequence of 1.04521. Below that is a 200 hour moving average of 1.04378.
The trading range is only 57 pips so far for the day. The average of the last 22 days is about 121 pips (around a month of trading). There is room to roam.
This article was originally published by Forexlive.com. Read the original article here.