Traders in the EURUSD are seeing another break. This one is below a swing level near 1.0723. The price today has also moved from the 50% of the move up from the September 2023 low at 1.09936, to – and through – the 61.8% at 1.0712. The price is now testing the 1.0700 level.
The short-term risk for traders now is the old floor/swing level at 1.0723. That is the best-case scenario for the sellers looking for more downside. If the price were to move back above that level, there should be disappointment (at least in the short term) on the failed break.
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This article was written by Greg Michalowski at www.forexlive.com. Source