Moves further away from the 200 hour MA
We have now extended lower and test the next target at the 50% of the move up from the October 15 swing low (moving below that as I type). Lower trend lines at 1.1077 and 1.1067 are now the next targets on more weakness as the week works toward the end in Europe and the US sessions.
Close risk now for traders might be the low from yesterday at 1.10921. Above that the 1.1100 level is a natural risk defining level for shorts.
A more conservative stop is still the 200 hour MA at 1.1110. After waffling above and below that MA over the last 24 hours, the pair broke and stayed below.
The drive for 100 pips for the week comes in at 1.10788. That would be near the next trend line target.