Swing area between 1.2122 to 1.2131
The price of the EURUSD cracked outside of the red box which I have been following near the 1.2159 area (see earlier post here).
The break has now seen the price move down to test another swing area between 1.2122 and 1.21317. The price is testing the lower extreme of that range.
With a break, there should be more selling as the traders continue to cheer the exiting of the up and down trading range (i.e. red box) that has consumed the pair since mid-May.
The lower swing area is also near the 50% midpoint of the move up from the May low at 1.21255.
On a break, the traders will next focus on the 1.2100 area. Below that is the 61.8% retracement of the same move higher off the May low at 1.20924.
