The EURUSD range is now up to a whooping 21 pips for the day.
The EURUSD has moved to a new 4 month low and extended the trading range to 30 pips for the day after the release of the Fed Chairs prepared remarks ahead of his testimony on Capitol Hill. The low price reached 1.0890 on the run lower but has since push back higher and trades above and below the 1.0900 level.
The fall below the 1.0900 level was the first look since October 1, 2019. On the downside the price also got closer to the 2019 low price from the same day at 1.08787. A break below that level would have the pair trading at the lowest level since May 2017.
Looking at the hourly chart, the high price today did stall near a topside channel trendline. That helped give the sellers some confidence. That trend line currently comes in at 1.0914 and moving lower.
On the downside, the low from 2019 and a lower channel trendline come in at 1.08787 and 1.0873 respectively. Those are targets on further weakness today.
