The EURUSD extended to new lows for the day (73 pips now). The new low comes in at 1.2261. The previouls low for the day at 1.2281 and the 1.22871 level (50% of the last trend leg down) will be eyed now to determine the extent of the selling interest. IF the price can remain below this area, the sellers remain in control. If the price moves above, the move was nice but buyers below remain a force that neutralizes the sellers – for now at least.
The low for the week comes in at 1.22515. An old trend line connecting lows from June 18 and June 26th comes in around at 1.2250. This trend line was broken on Friday but recaptured on Monday. Move below it and selling should intensify.
