EURUSD trading lower again after corrective rally fizzles

Technical Analysis

Author: Greg Michalowski | eurusd

The EURUSD has been down 8 of the last 9 trading days

The EURUSD is trading lower for the 8th the last 9 trading days. In the process, the price is now trading at the lowest level since May 2017. Yesterday the price move below the 2019 low at 1.08787. Looking at the weekly chart, the next key target area comes in at the Gap from the April 16, 2017 and the April 23, 2017 weeks. That gap is between 1.07768 and 1.0820.  All gaps are filled (or so they say - not so much in stocks though).  

The EURUSD has been down 8 of the last 9 trading days
Do traders go after that gap?  With the trend accelerating, it certainly is a juicy target to go after. 

Drilling down to the hourly chart below, in trading today, the price did move above 2019 low at 1.08787, but ran into congestion resistance against the swing low areas from Tuesday Wednesday at 1.0885-902. The high price for the day reached 1.08883. On more weakness, the two lower trend lines on the chart below will target 1.0848 and 1.0828 (and moving lower).  

The EURUSD on the hourly chart
The close from yesterday was at 1.0872. The 2019 low at 1.08787 will be also be eyed. Stay below and sellers and trend remain in place. Move above again, and be on the lookout for more of a correction higher. 
ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose