Closed at 1.1659. Trades at 1.1645 in early NY trading
The EURUSD is trading down in early NY trading. The pair closed at 1.1659 yesterday. That is the bogey to keep the pairs losing streak intact. Currently, the EURUSD is down for 4 consecutive days (working on the 5th. The pair is currently trading at around 1.1633. The low price just extended to 1.16258
Technically, the price continues to move away from its near 2 month low at 1.1695 (from August 3rd). The pair is trading at its lowest level level since July 24 today. From the daily chart above, the next target comes in at the 50% midpoint of the move up from the June 19 low. That level comes in at 1.15889. Keep that level in mind going forward.
Drilling down to the hourly chart, a lower trendline connecting recent lows over the last 4 days comes in at 1.16186 currently. That level is a closer target today, followed by the natural level at the 1.1600 level. Sellers remain in firm control below the 1.1651 level and the close from yesterday at 1.1658.
