Forex technical analysis: EURUSD breaks to lowest level since August 7th

Technical Analysis

Author: Greg Michalowski | eurusd

Next targets are the swing lows going back to May, July and August

The EURUSD has moved to new session lows and also to new lows going back to August 7. 

The next targets for the pair include:
  • the low price from August 7 at 1.0863, 
  • the low from August 5 at 1.0847,
  • the low price from May at 1.08183 and 
  • the low price from July 20 at 1.08074.  
A move below that area and traders will start talking about the possibility of another look at the years low. 
RISK for shorts?

The move lower has taken the price below the lower trend line on the 5-minute chart below. The trend leg lower has the 38.2%-50% at the 1.0890-94. The broken trend line comes in at 1.0896.  Stay below, and the sellers remain in control. Move above and the trend move lower gets a little muddy.  

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