EUR/USD fell after stronger than expected ISM non-manufacturing data. After holding support against the 100 hourly moving average at 1.08627, sellers have now pushed the price below this moving average. The 200 hourly moving average is now the next target at 1.08535. The 50% move up from the end of May low is also in play at 1.08514. A break below both would tilt the bias more to the downside from a technical perspective.
On Monday and Tuesday, the price moved above the bullish and bearish range above 1.0887. The price extended up to 1.0915, but returned to the downside yesterday.
The European Central Bank's interest rate decision tomorrow may help put pressure on the pair to the downside. The European Central Bank is expected to cut interest rates by 25 basis points.
EURUSD sellers are pushing the price down to the 200 hour MA
