EURUSD breaks lower. Looks toward the next target at 1.0635

The EURUSD is training to a new session low and in the process is moving away from the swing area between 1.06583 and 1.06669. The low price has just traded to 1.06445. The swing low from May 31 at 1.0635 is the next key target.

Below that traders target the 38.2% retracement of the move up from the September 2022 low. That level comes in at 1.06105. Break below that level opens a door for a move toward the 1.0500 area (there is a swing area on the daily chart between 1.04846 and 1.05335 – see red numbered circles).

This article was written by Greg Michalowski at Source