Next target at 1.1772
The EURUSD broke below and away from the 1.1876 level yesterday. The low stalled just ahead of the 1.1822-275 area that defined the low over the last 22 plus days of trading. During that time period the price traded in at 268 pip trading range. That is relatively narrow.
Today, that area was busted. Morevoer, on a correction after the break, the area at the low between 1.1822-275 stalled the rebound. The price has move down about 50 pips from that corrective high and looks to test the 1.1772 swing low from August 25th.
Taking a broader view from the daily chart, the 38.2% of the move up from the June 20th low comes in at 1.1720.
Taking an even broader view of the weekly chart, the 200 week MA comes in at 1.17181 this week. The swing high going back to the week of August 23rd, 2015 comes in at 1.1711.
So the 1.1711 to 1.1720 is a key downside target area going forward. I would expect a cause for pause on a test of that area.
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Did you see the video done over the weekend on the EURUSD. You might learn from it.
