The EURUSD has moved back into negative territory after trying to extend into positive territory for the 1st time in 5 trading days.
Looking at the hourly chart, the high price extended into a swing area between 0.9733 and 0.97506. The high price on Monday reached just above the upper level (the high price reached 0.9752). The high price today reached 0.97374 before rotating back to the downside. The close price from yesterday came in at 0.97037. The current prices back below the 0.9700 level trading at 0.9697 currently.
On the downside, traders be watching the 0.9662 to 0.96836 area for potential support. If the buyers are to make a play, holding this level would be where they need to reenter.
Overall, however, trading into positive territory for the day gave the buyers a shot. They could not get above the next topside target. As a result, the shot missed. The buyers failed.
Sellers remain more in control as a result.
PS the 0.9662 level was a lower swing area going back to a period between June and October 2002. Move below increases the bearish bias from a longer term prospective as well.
