The EURUSD is following the US dollar higher (with a move lower). THe pair is trading at its lowest level since February 16, and in the process broke below an upward sloping trendline and the broken 38.2% retracement of the move down from the 2023 high. That level came at 1.0766.
The price is now approaching the high of a swing area on the daily chart at 1.07358. The swing area extends down to 1.0694 which was the low price for 2024. A move below that swing area opens the door for further selling in the pair.
Sellers are making a run for it in this pair. Staying below 1.0766 would keep those sellers in firm control.
This article was written by Greg Michalowski at www.forexlive.com. Source