EURUSD moves to new session lows

Technical Analysis

Moves closer to the “Red Box”

The European traders are getting set to head home, and they area pushing the EURUSD to new session lows before exiting.

In the process, the pair has dipped back below the 50% retracement at 1.15145. It still remains above the 1.1500 area.  A move below that level will start to get back into the “red box” which stalled rallies going back to October 22nd (nearly 3 months).  

I would expect the buyers to put up a fight against the level on the test.  However a move below and then through the 1.14847 level would sour the mood for the bulls who jumped on the break yesterday.  

ForexLive

Products You May Like

Articles You May Like

Forex Trading: 1 Hour Time Frame Winning Strategy -200 Forex Pips
Currency Volatility: Brexit Latest Puts UK and British Pound at EU’s Mercy
Cramer: The court can rein in Tesla CEO Elon Musk with one of these three moves
Dollar regains some poise at the start of European trading
From Lyft to Airbnb, new round of IPOs is no market top: Nick Colas

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *