EURUSD looks to break 4 day losing streak today

Technical Analysis

Author: Greg Michalowski | eurusd

Above the close from yesterday at 1.1658

The EURUSD opened the US session lower and extended to a intraday low of 1.16258. That low fell short of a lower trendline that cuts across at 1.1618.

Above the close from yesterday at 1.1658

The pair waffled up and down below the closing level from yesterday for most of the US morning session. However at midday, the price extended above the low from yesterday at 1.1651 and the close from yesterday at 1.1658 and sellers turned buyers.

The price high for the day has reached up to 1.1686. We currently trade below that level I.1673. On a topside would take a move above the 1.1688 to 1.16917 swing area to solicit more buying. Above that and traders will be looking toward the 38.2% retracement and high from yesterday near the 1.1719 level.

On the downside the broken resistance at 1.1650 – 58 is now support for traders looking for more upside. Stay above and the battle continues between the buyers and sellers.

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