EURUSD trades to a new low. Price is below the 38.2% retracement.

<p>In the earlier video (see below), on the EURUSD I spoke to the 200-hour MA above and the 38.2% below. The price needed to get above the 200-hour MA or below the 38.2% retracement below. You can watch the video below. </p><p>The high for the US session stayed below the 200-hour MA keeping the sellers in play (see green line on the chart below). The price did indeed move lower and back below the 100-hour MA (blue line). The price continued lower and moved back to 38.2% at 1.0867, had some stall, and more recently has extended to a new low and in the process, below the retracement level. Bearish. </p><p>The next target area comes in at the swing area between 1.08424 and 1.08485. Move below that level, and traders will start to target the key 100-day moving average and 50% midpoint retracement of the move up from the May 31 low. Both those key levels come in near 1.0823. I would expect that area would be a tough nut to crack on the first look. </p><p>Sellers are making a play. Hope is that momentum continues and the pair tests the 100-day moving average and 50% retracement is also in play as a key downside target. </p><p>If this break fails, we cannot rule out a run back the 200-hour MA. However, sellers are making a play. Sellers are in control. The buyers are under technical pressure. </p>

This article was written by Greg Michalowski at www.forexlive.com.