Swing area at 1.1723 -1.17248. August low and 2021 low at 1.17035 to 1.17053
The EURUSD has continued its move to the downside and tests a swing area between 1.1723 and 1.17248 (see green numbered circles). A move below that level openss the door for a retest of the August low at 1.17053. That level was just above the 2021 low price going back to March 31 at 1.17035.
Earlier today, the price move below the 200 and 100 hour moving averages, andd moore recently below a swing level at 1.17416 (see red numbered circles). That level is now a close intraday risk level.
The price has trended lower for the last six hours after retesting the 38.2% retracement at 1.17828. The move has taken the price down around 60 pips in that time period.
