The EURUSD is moving back to the downside after stronger US initial jobless claims data and stronger GDP.
The pair has moved back below the 100/200 hour MAs at 1.0919 and 1.09289 respectively (blue and green lines) and is down-testing the low of what is the “value area” for the pair going back 9 or so trading days. That value area comes in at 1.0886 to 1.0896. Move below increases the bearish bias (has to stay below that area).
The 38.2% is the next target at 1.0867 and below that, a swing area at 1.0842 t 1.0848 would be targeted. The 50% and the 100-day MA come in at 1.08229 and 1.08172 respectively.
EURUSD breaks to low value area