Technical Analysis

Retest June 2010 swing low and the underside of broken trend line.

The EURUSD continued the bearish move lower today.

  • The highs stalled near a topside trend line
  • The price remains below the 100 hour MA (not rally tested since breaking on April 19th).
  • The price fell below a lower trend line (currently at 1.1877). 
  • The price also fell below the 2010 swing low at 1.1876. That low remained the lowest low in the pair until January 2015

The low today reached 1.1837.

The price has corrected higher and now retests the 1.1876-77 area which includes the underside of the broken trend line on the hourly chart and that swing low from 2010.

Do the sellers stall the pair here?  

On more momentum, the 1.1896 was the low from yesterday. The 1.1910-15 was the low from Friday and the low from back in January 2018. 

As I type, the pair trades 1.1881. It is trading more comfortable above the resistance, but keep an eye out for a failure.  I think the level remains important today. 

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