EURUSD continues to step lower. Trades to new lows on the day.

Technical Analysis

Author: Greg Michalowski | eurusd

Dipping below a lower swing level.

The EURUSD is continue to step lower. Recall from last Friday, the pair tested the 61.8% (at 1.22127) retracement in the European morning session, rallied up to retest the broken 100 hour moving average (blue line) and fell back down after the US employment report.   

Dipping below a lower swing level.
The price action today started near the 61.8% retracement at 1.22127 and moved lower. An early European correction saw the price retest and move above a swing area at 1.21907, only to quickly reversed and move back to the downside.  As I type, the pair is now breaking below a lower swing area between 1.2151 and 1.2159 (not shown in the chart), and tested a lower trend line at 1.21442.   Staying below the 1.2159 level is close risk for sellers.  

Another risk area would be between 1.21719 to 1.2177.

Move below the lower trend line and the low price from December 21 would be the next target at 1.21285.

The sellers are in control.  

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