Published On: Fri, Aug 10th, 2018

EURUSD pushes lower as Turkey concerns are a big concern.

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Bank concerns spreading

The plunge in the TRY has is rolling over into concerns about European banks. Example… Deutsche Bank stock is down over 6% on the day.  Exposure is a concern.

The EURUSD has fallen below the 100 week MA and the 50% of the move up from the Jan 2017 low at 1.14605 and 1.1447 respectively. The price just moved to a new session low at 1.14158 Those levels are risk levels for the shorts now. Staying below would be more bearish technically.

Sticking to the weekly chart, the 200 week MA at 1.1363 is another target now. As long as the price stays below the 50% and the 100 week MA, that MA is the next major target on the downside. . 

Looking at the hourly chart below, the price is breaking below a lower trend line connecting recent lows (see red numbered circles in the chart below). That trend line comes in at 1.1423 currently.  That line could be another bearish barometer for bulls and bears in the shorter term view.  


Of note on the hourly chart as well, is the correction off the earlier low stalled ahead of the 50% at 1.14837.  The price consolidated in up and down trading. Now, the price is breaking again. 

ForexLive



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