EURUSD moves closer to next swing targets

Technical Analysis

Author: Greg Michalowski | eurusd

The 1.16018 to 1.16116 swing lows eyed

The EURUSD has moved to a new session low at 1.16135. That takes the pair within shouting distance of the next major targets at the September 2020 and November 2020 lows between 1.16016 and 1.16116 (see daily chart below).   A move below that area would open the downside even more for the EURUSD on the daily chart with the 50% of the move up from the 2020 low at 1.14918 as the next major target. That was also swing high going back to March 2020.  

The 1.16018 to 1.16116 swing lows eyed
The range for the day is up to 76 pips which is higher than the 22 day average of 49 pips. The catalyst was the break away from the August low at 1.16634 which was also the low for the year. In addition to the swing lows from the daily chart, a lower trendline cuts across near the 1.1600 level. That would also be a support target on further selling momentum.

EURUSD on the hourly chart is approaching a lower trendline as well

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