Falls back below May and June high
The EURUSD is trading at new day session lows as the US stocks rally to session highs. In the process the pair is down testing the closing level from Friday at the 1.1384 level. Nearly unchanged after a 340 pip surge higher yesterday (at the peak that is).
In the last leg lower over the last hour or so, the price has moved below the swing high levels from May and June. Those levels came in at 1.1465 and 1.1435 respectively. The high from Feb 19 came in at 1.1449. If the sellers are to remain in control, this area will now be eyed as close risk for the pair. Looking at the daily chart, the 1.1363 level is the 50% target of the move up from the recent swing low (see chart below).
