Traders continue to work the EURUSD price toward the 2020 low at 1.06347. The low yesterday reached 1.0696 and closed near lows at 1.0701. The low price today reached 1.06684 after trading to a high of 1.0737 in the Asian session today. Yesterday the price moved below the April 2020 low of 1.07265. The break back above that level earlier today should have led to more upside momentum, but buyers turned sellers in the price started to rotate back to the downside.
Going forward, a move below the 2020 low would take the EURUSD price the lowest level since April 2017.
Drilling to the hourly chart of the EURUSD below, the traders push higher in the Asian session taken the price back above the April 2020 low at 1.07265. However, the price high remained well below the next targets near the 1.0757 area (home to the April 14 and April 19 lows in the swing high from yesterday after the break lower – see red numbered circles and yellow area). The move below the swing lows from yesterday at 1.0707 1.0696 have been able to stay below that area. It would now take a move above the 1.0707 level to give the buyers some comfort. Absent that and the buyers are simply not winning.
As I type the pair is making a new session low at 1.06629.
