EURUSD skims the lows from last week

The EURUSD has reached to new lows and in the process is skimming the lows from last week between 1.0961 and 1.0965. The low reached 1.09636 and is modestly bouncing.

To start the US trading day, the EURUSD was mired in a low 30 pip trading range. The buyers took the price above the 100 hour MA in the early NY session, but after a stronger ISM data highlighted by higher prices paid component, the price action reversed, the price fell back below the 100 and 200 hour MA (green line) at the natural support at 1.1000.

The trend line was next broken (held earlier) and it was off to the lows from last week (see earlier post). The low to high trading range is now 72 pips which is within shouting distance of what has been the average over the last month (82 pips).

A move below 1.0963 would target 1.0949 which is the 38.2% retracement. .