Technical Analysis

New lows for the EURUSD. Tests swing area and lower trend line.

Trendline cuts across at 1.1722

The EURUSD is traded to a new session low and in the process is testing a swing area between 1.1723 and 1.17264 and a lower trendline at 1.1722.

Drilling to the five minute chart below, the price corrected in the Asian session into the European session and in the process moved above its 100 and 200 bar moving averages on that chart (see blue and green lines in the chart below). 

However, in the US session, the price started to move back below below those moving averages and the buyers turned to sellers. 

Since then, there has been limited corrective action to the upside. The price is well below the falling 100 bar moving average which is up at 1.17618 and moving lower (blue line). It is also below the low from yesterday at 1.17498. Stay below that low and the 38.2% retracement of the move down today at 1.17484, and the sellers remain in control.

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