61.8% at 1.1111
The EURUSD has moved lower, extending the trading range for the day and moving away from a topside channel trendline and the 50% retracement level (at 1.11377 – now risk for shorts – see earlier post).
The pair is testing the 61.8% retracement of the move up from the August 1 low at 1.11115 level. A move below will have traders looking for a break of 1.1100 and then a lower channel trendline at 1.1092 (and moving lower).
The price just broke the 1.11115 level as I type and trade down to 1.1107. Sellers taking more control and seeing how far they can push.