London fixing ahead...
The EURUSD is giving the old college try in moving away from major swing lows for the pair and in doing so, breaking out of the 16 day trading range.
I have earmarked the 1.1023-28 area as an area where there were a number of swing lows and highs. The low close on an hourly bar going back to July 28th is 1.1023. So far today, there has not been an hourly bar close below that level but we are trying in the current hour. A move below the 1.1000 level will be the next hurdle. That is the low from July 8th. Belwo that and the 1.0970 (low from June 27th), 1.09377 (61.8%) and 1.0909 (Brexit low) become the next targets (lows from June and 61.8% of the move up from the December 2015 low.
The sellers have the chance to take firm control and force the price lower away from the yellow area. If they fail, the upside rebound could be brutal as traders lose faith and trust in the selling (once again).
