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Trades at lowest level since November 12
The EURUSD is trading lower for the 3rd day in a row. The price action is a little more choppy, but currently the price is down -4 pips at 1.1809. The low reached 1.1791. The close from yesterday reached 1.1813.
Technically, the pair broke away from the 200 day MA yesterday (currently at 1.1855). The last time the price was below the 200 day MA was back in May 2020 when the price was around 1.1000 (see green line in the chart above). Looking at the daily chart above, the pair today fell below the swing low from November 23rd at 1.17994 (call it 1.1800). A lower trend line cuts across at 1.17669. The price is seen a rebound and trades back above the 1.1800 level.
Drilling to the hourly chart below, the 1.1809 to 1.18138 were swing lows from yesterday’s NY session. The 1.18138 level stalled falls before the late day push to the day low at 1.1809. A topside trend line cuts across on the hourly chart at 1.18167.
If the price can start to trade into positive territory and then above the topside trend line, the bias turns more positive technically on the margin. Dip buyers will have something to talk about at least.
Conversely, if the sellers lean here, The price may be off the low, but the buyers are not winning.
