As London/European traders look for the exit, the EURUSD is trading to a new session low. In the process, the price is also approaching a key swing area between 1.0765 and 1.0783 (see red numbered circles on the chart below).
Within that area is the 50% midpoint of the move up from the November 1 low at 1.0766 and the 100-day moving average at 1.0774 (lower blue line on the chart below).
The EURUSD is down for 5 consecutive days.
Earlier today, ECBs Schnabel indicated the ECB may be done tightening, and may look to ease rates down the road. European rates are down sharply with the German 10 year yield down about 10 basis points and trading at its lowest level going back to May. The German Dax meanwhile is cheering on the declining yields and traded to a new all time high today and closed at a new high as well. .
This article was written by Greg Michalowski at www.forexlive.com. Source