EURUSD back below 1.1100. Can it stay below now?

Technical Analysis

Author: Greg Michalowski | eurusd

Narrow trading range for the day

The EURUSD have moved back below the 1.1100 level after trading up to an intraday high of 1.1113.   

Narrow trading range for the day
Recall from posts last week (and from the chart below and above), the broken 61.8% of the range for August is at 1.11115 (chart below). The 1.1000 to 1.1109 were swing lows from April, May and July (chart above).  

The price, on Thursday of last week, moved above and below those three levels, but retreated back below. On Friday the price rises stalled at the 1.11115 level (see hourly chart below). 

Today, the price above the area was for one minute, before moving back down. Now with the price back below the lowest of the levels at 1.1100, the sellers are trying to take more control (see hourly chart below)

EURUSD on the hourly chart
The range today is still only 27 pips. The low was at 1.11086 in the first hour of trading.  The close on Friday was at 1.1089.  A move below those levels would weaken the technical picture and have traders looking toward the low from last week at 1.10658.  


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