EURUSD price analysis: Sharp move lower suggests short-term tilt to the downside

The sellers in the EURUSD today, took the price back to the midpoint of the range since the 2020 high at 1.0942 (the low reached 1.0940). The buyers leaned against that level and bounced the price modestly to 1.0967. Since then the price is trading up and down withing the 27 pips range.

Given the sharp move lower today, and modest correction, I am inclined to keep the short term tilt to the downside. However, the price needs to get and stay below the 1.0942 level and then the 50% of the move up from the December 2023 low. That level comes in at 1.0931. Near that level is a number of swing lows and highs going back to mid-December.

For a full technical look at the EURUSD pair, watch the quick look video.

This article was written by Greg Michalowski at Source