The EURUSD has been on it’s own wild ride in trading today. In the aftermath of the moves, the extremes are set and they have come against technical levels.

EURUSD hourly chart.

EURUSD hourly chart.

On the plunge lower the EURUSD found support buyers against trend line support on the hourly chart. The price simply bounced right off that line (see chart above).

On the sharp correction higher, the 1.1743 level held as well. The 1.1743 level represents the level that the euro was introduced to world financial markets as an accounting currency on January 1, 1999 – replacing the ECU at a ratio of 1:1 ($1.1743).. The high reached 1.17458. Stay below that level and the shorts are happy.

Looking at the 5 minute chart, the midpoint of the days range is at 1.16836. There is a lower trend line support line at 1.1691 currently. If the price is to go lower I would like to see the price move below these levels and stay below them. This would keep the sellers in firm control. So right now the range is 1.1743 and 1.1683/91.

Keep in mind that the 1.1639 level is the low from 2005. That occurred in November. In December 2005, the low was 1.1661. That may be another interim level on the downside to eye as a technical target.

Trade at your own risk today (see: Ask yourself….What is the risk in your forex trading today?)

EURUSD 5 minute

EURUSD 5 minute