Forex Trading: EURUSD Breaks Through The Support At 1.3642 On Its Way To 1.3621

The EURUSD made a break through 1.3642 on its way to the next target at the 1.3621 level (see prior post).  This was the double bottom from Monday. The low for 2010 is another downside target at the 1.3585. 

The 1.3682 level above held the correction off the initial low reaching a high of 1.3677.  This has given the market the confidence to continue to downward bias and the move away from the 100 hour MA above at 1.3716.

The next target level on the longer term daily chart will be the 1.3483 level which is the 61.8% retracement of the move from the 2009 low at 1.2456 to the 2009 high at 1.5144.  As long as the bias continues its trend lower (i.e price remains below 100 hour MA and other key tech levels), this level is in the longer term traders’ sites.