The EURUSD is testing low from yesterday at 1.16648. The low price just reached 1.16644 and bounced a few pips higher. Traders are leaning against the low, with stopped likely on a break lower. The range for the euro is only 24 pips today which is just 47% of the normal range of 51 pips (over the last month of trading). There is room to roam.
The EURUSD fell below the March 31 low at 1.17035 for the first time on Wednesday on two separate occasions, but the FOMC meeting minutes pushed price back above that old low by the close.
In trading yesterday, the price move below that low and stay below the low. The one corrective move higher into the New York session yesterday saw the price lean against that low level (and the low from last week at 1.17053 (see yellow area in the hourly chart above).
The sellers are many control below the old swing area.
Looking at the daily chart, the price high today found sellers near the 38.2% of the move up from the March 2020 low at 1.1694. The high price reached 1.16886. Stay below = more bearish. The next downside targets come in at a downward sloping trendline at 1.1618 followed by swing lows from September 2020 and November 2020 between 1.1601 and 1.16116.