The EURUSD is sliding further to the downside in early NY trading and in the process has moved below it's 200 hour MA at 1.1379. The price has scooted down to a low of 1.1364 (so far).
Looking at the hourly chart, the price has also moved below the 50% retracement of the move up from the January low at 1.13773 (from the January 4th low). The 200 hour MA and 50% will now be close risk for sellers.
The price has entered in a swing area between 1.1359 and 1.13682 (see red numbered circles on the chart above). Move below and another swing area from 1.13418 to 1.1347 will be targeted (see green numbered circles).
On Friday, the pair moved up to test its high price from Thursday and found sellers against that level. The dollar buying on Friday (EURUSD selling) pushed the pair's price back down toward a swing area around 1.1397 and the rising 100 hour moving average (blue line).
During trading yesterday, the price corrected back higher before rotating back to the downside and below its 100 hour moving average (blue line currently at 1.1428).
Today after rising back toward that 100 hour moving average in the Asian session (and falling short of that target), sellers returned and started the recent push back to the downside.
Stay below the 200 hour moving average and the sellers remain in full control. Move above, and there could be some corrective probing to the upside.
