EURUSD falls to the low from earlier this week/swing area
The EURUSD
EUR/USD
The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be
The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be
Read this Term has fell below the 100/200 hour MAs after the jobs report and also below a swing area that was a ceiling going back to mid- January between 1.0866 and 1.0874 (see lower “Red Box” on the chart above).
The price decline continued toward the next target near 1.0799 and 1.0805. The subsequent corrective move higher stalled near the swing area again near 1.0866 to 1.0874 before restarting the downward move. These levels were outlined in my earlier video HERE.
The price low has just reached the 1.0799 target.
What now?
Dip buyers will want to see this level hold. Risk is defined and limited against the area. If it holds, and the price can get back above the broken 38.2% a 1.08207, the buyers will look toward 1.08345 and above.
On the downside, on a break below 1.0799, I would expect more selling with the same midpoint of the 2023 trading range at 1.07558 along with the low of the lower “red box” between 1.0760 and 1.0775 as a target area. A move below that level is another key target area to get to and through if sellers are to take back more control.
Meanwhile, stocks have continued the drip to the downside.
