EUR/USD is moving below the key 200-day moving average at 1.08162. Sellers are tightening their control.

EUR/USD continued its downward move today and in doing so, it is now breaking above the 200-day moving average at 1.08162 and entering a cluster of technical levels. By remaining below this moving average, sellers remain in control and still have work to do to increase the bearish bias.

The group’s next target is its midpoint at 50% of the move from the June 26 low. That level sits at 1.0806, followed by the 100-day moving average of 1.07957.

Going below this support group increases seller control.

Step 1 completed, 2 left.