EURUSD breaks lower and moves away from the 100/200 hour MAs
Certainly, EURUSD is trading near the middle of a range between 1.0550 and 1.0743. The range has been in effect for approximately 6 trading days.
When the market moves up and down, the moving averages move in the middle of the range.
Looking at the hourly chart, the 100 and 200 hour moving averages are 1.06955 and 1.06988, respectively. The lower of these two moving averages maintained support in early European/US trading. This level has now been breached and we are seeing increased bearish momentum.
The lower end of the top-to-bottom extremes is the next target. There is a swing zone dating back to mid-April between 1.06529 and 1.06778.
With the breakout lower, the aforementioned moving averages now provide resistance and a risk-determining level for sellers looking for more downside.
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