At least the range is no longer 56 pips
The EURUSD has hit an air pocket and traders get out of the way after Lockhart's comments that a September liftoff for him would only be avoided if there is a "significant deterioration" in the economic data.
The pair has moved below the old low at the 1.0931 and also a low floor where there have been a number of swing lows going back to July 23rd (see yellow area in the chart above - green circles). Traders will be on alert of failures, but until then, the bears remain in control.
The next target is the low from last week at 1.08925. Below that, look for 1.0868 as the next target (low from July 22).
Targets and failures.
Get below a target...Good for the trend-like mover
Fail to stay below a target... Be prepared for anything. Including a lap higher. Markets are lacking in liquidity.
