The EURUSD has now cracked below the 38.2% retracement of the move up from the September 28, 2022 low. That retracement level comes in at 1.06106.
The low price for the day just reached 1.0595 on the break. Last week the low price came in at 1.06147 and that will now be a close risk level. Staying below is more bearish.
Sellers are making a play. Can they keep the momentum going?
On the daily chart, there is a swing area between 1.04846 and 1.05335. That area represents the next major target area on further selling off the daily chart.
This article was written by Greg Michalowski at www.forexlive.com. Source