Sellers in control, but testing a swing area
The EURUSD is trading at new session lows as the trading day moves to a close. The pair has been running lower since stalling the rally near the 100 hour MA (blue line in the chart above). In the early NY session, the price fell below the 100 bar MA on the 4-hour chart (and stayed below). See earlier post outlining the risk and the targets. We have moved through the higher targets, and are down testing the last of those outlined from the earlier post. That comes in at the lows from last week at 1.11646-663.
Do buyers show?
Risk can be defined and limited for profit takers, or new buyers who want to try and stick a toe in the water. Stay above the 1.11646-66 area and the buyers are good. Move below and I think, they think seriously about selling out and looking for anther trade. It would keep the sellers in complete control.