Test above 100 hour MA in the EURUSD at the high, failed.
The EURUSD is trading to a new sesssion low on USD buying after the better Philly Fed, and initial claims data. Building permits and housing starts were also better than expectation (last month).
The fall in the EURUSD has taken the price to a new session low of 1.1119. In the process, the price is below the 100 bar MA on the 4-hour chart at 1.11949. That is also below the 50% of the May trading range at 1.11987. Moving below those leveles helps to tilt the bias more to the downside. They are also risk levels for shorts now.
Earlier at the highs today, the price moved above its 100 hour MA at 1.12202 currently. That MA was tested yesterday and stalled. The failed break today, gave buyers cause for pause, and the price rotated lower. The fall below the 200 hour MA at 1.12105, kickstarted the fall lower.
The 61.8% is being tested at 1.11835 currently and belwo that the low for the week at 1.1177, the low from last week at 1.1172 and 1.1166 will be eyed.