EURUSD testing the low yesterday/for the week

Technical Analysis

Author: Greg Michalowski | eurusd

The low for the week comes in at 1.16258

The EURUSD is down testing the lows for the day/the low from yesterday/the low for the week.  The low for the week (and yesterday) reached 1.16258. The low today just reached to 1.16268.  A move below should open the downside for more probing.  

The low for the week comes in at 1.16258

Technically today, the pairs initial move to the upside today stalled ahead of the high from yesterday (high yesterday 1.1686. high today 1.16846). Failure to extend above that level - and to the next target at 1.1688-917 - turned buyers to sellers.  When the price fell below the 1.1650 level, sellers pushed the pair even low (see lower yellow area).  

If the lows hold support, getting back above the 1.1650-60 area would be eyed for more bullish clues.

ON the daily chart below, more weakness would have traders targeting the 50% of the move up from the June 19 swing low. That level comes in at 1.15662. The price this week has moved below the 38.2% which comes in at 1.16603. That is near a earlier swing low today too (see red circle 3 on the hourly chart above) and is a risk level now for shorts/sellers. Stay below is more bearish.  Move above, and we should see more sellers turning to buyers again.  

For the week, the EURSD fell the first 3 days (with a Monday high at 1.18713). The low was yesterday although the day did have a modest gain for the day (after 3 days of lower closes). The pair today is lower putting sellers back in the drivers seat.  

EURUSD on the daily chart show more bearishness.
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