EURUSD trades to a new day low

Technical Analysis

Author: Greg Michalowski | eurusd

Some profit taking ahead of the weekend

The EURUSD is trading to a new day low as the clock ticks toward the close.  

Some profit taking ahead of the weekend

For the week, the EURUSD moved above old swing lows from Jan, March and April 2018 between 1.2153 to 1.2164, but could only reach 1.2177 before sellers reentered. 

The low for the day had found some support buying near swing lows from yesterday at 1.2132, but recently broke below that level and extended the days decline to 1.21119.  The low price from yesterday at 1.2100 is the next target.

Overall, for the week, the low for the week was made near the close on Monday/open on Tuesday at 1.19200. The high reached today extended to 1.2177 (about 257 pips from low to high). 

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