EURUSD reaches 1.0500 and high of a swing area ahead of the October low.

The EURUSD has moved down to a new low and in the process has reached the high of a swing area between 1.0483 and 1.0500. The low price has reached 1.0496 so far.

The swing area is home to a number of different swing lows going back to September 27. Last week the low price reached 1.0483 and bounced.

Taking a broader look at the daily chart, there is also a swing area between 1.0483 and 1.05335 that goes back to November 2022 (see red numbered circles on the chart below).

With support on the hourly and the daily chart at/near the same 1.0483 level, a move below would be more bearish and have traders targeting the low prices from last week’s trading at 1.0448.

Below that level, and the 50% midpoint of the move up from the September 2022 low would be targeted at 1.04053. That would be the lowest level going back to early December 2022.

Key support.

This article was written by Greg Michalowski at Source