EURUSD trends lower
The Covid fears and expectations for closures and Europe have pressured the EURUSD from the start. The pair fell below its 200 hour moving average in the last hour of trading yesterday and after waffling around, but below the 50% retracement of the move up from the October 15 low in the Asian session, the European/London traders really pushed the pair lower.
The pair has just broken below a swing area going back to October 13 through October 19 between 1.17243 and 1.17288. The next targets are the lows from October 19 at 1.17027, October 16 at 1.1693 and October 15 at 1.16878.
Looking at the daily chart, the pair has a lot of swing lows and highs going back to the end of July between 1.1683 and 1.17103. A break below that area would have traders targeting the 100 day moving average at 1.16446.
