EURUSD retraces its earlier gains. Trades to a new session low.

Technical Analysis

Author: Greg Michalowski | eurusd

EURUSD tests the broken 38.2% retracement

The EURUSD has now retraced all of its earlier gains and now trades lower on the day. The price is currently retesting it's broken 38.2% retracement of the move up from the August 20 low at 1.18148. A move below that level will have traders looking toward the lows for the week between 1.1800 and 1.18044. That level has been a swing level going back to August 6 (see red numbered circles).

EURUSD tests the broken 38.2% retracement

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