Technical Analysis

EURUSD moves to a new low and tests the low from last Tuesday

EURUSD falls to a new low

The EURUSD moved a ta new low for the day and in the process tested the low from a week ago (on Tuesday) at 0.9848. The low price reached 0.9850 and bounced modestly. The price is currently trading at 0.9862.

Getting below the 0.9848 level would open the door for a move toward the 50% midpoint of the move up from the September 28 low. That level comes in at 0.9814. There is a swing area between 0.98056 and 0.9816 that is also in play near the 50% midpoint level.

Close risk now for sellers comes in at the broken 38.2% retracement at 0.9877. Above that the 200 hour moving average at 0.9916 would need to be broken to give the buyers more control/comfort.

There was a spike move up to 0.9809 in the last hourly bar on the misinterpretation of the White House comment that Biden was in support of the Fed pivoted. That pivoted was not referring to upcoming Fed pivoted from tightening to not tightening, but in reference to the pivoted in 2022 toward higher rates.

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