Cracks below the swing area and 50% midpoint of the move up from May 13 swing low

The EURUSD is making new lows for the week and in the process as cracked below the Monday low (reached in the first hour of trading) at 1.21718, a swing low area around 1.2158 which is also near the 50% of the move up from the May 13 below.  The pair is currently trading at 1.21375. That is the low for the day and the week.

Cracks below the swing area and 50% midpoint of the move up from May 13 swing low

Looking at the hourly chart, the next target comes in at the 61.8% retracement of the same move higher at 1.21328. Below that and the 1.2122 to 1.21288 area will be targeted.  

The range for the day is up 68 pips up from 40 pips at the start of the North American session. That is near the 22 day average trading range of 69 pips.

For the week the trading ranges up to about 135 pips which is higher than the lowest range for 2021 near 92 pips, but will of the high range as well at 228 pips (for 2021). 

Invest in yourself. See our forex education hub.

Leave a Reply

Your email address will not be published.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