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The EURUSD is trading to a new session low and in the process is getting closer to the parity level at 1.000. The low price just reached 1.00345.
Looking at the 5 minute chart, the price correction off the earlier New York session low at 1.0051 saw the price move up back toward its falling 100 bar moving average. As outlined in a previous post, getting back above that 100 bar moving average would be needed to increase the bullish bias in the short-term. That could not be done.
As a result, the price has pushed back to the downside and in the process moved back below the low price from Friday’s trade at 1.00705. The last hour or so has seen a further momentum move lower that has taken the price to the new low for the day at 1.00345.
Support at 1.0000. Resistance now back at 1.0051 in the short term.