EURUSD is trading at a new session low and in doing so is testing the next swing zone between 1.09576 and 1.09675 (see previous post here). There is a reason to stop against the zone. However, a move below this level will target last week’s low at 1.0944.
As noted in the post from earlier today, the downside move today was pushed below the 200 hourly MA (green line) and also broke below the 50% range from the March low. at 1.0994. An ascending trend line on the hourly chart was also broken in the downward move.
Breaking back above 50% would give sellers – looking for further downward momentum – a reason to pause now. Without it, and sellers have full control.