EURUSD technicals: EURUSD trades to a new low for the day

8 months ago 31

RoboForex - professional services on Forex market

The trading range for the EURUSD is only 47 pips

The EURUSD has slipped to a new session low, extending what remains a relatively tight trading range. So far, the range for the day measures just 47 pips, still well short of the 88-pip average.

EURUSD technicals

From a technical perspective, the pair is moving further away from the swing area between 1.1692 and 1.17028, leaving buyers with less near-term support to lean against and giving sellers some additional confidence. The focus now shifts to a cluster of downside targets, including:

200-hour moving average at 1.16674
61.8% retracement of the move since the July 1 high at 1.16615
100-hour moving average at 1.16522

That confluence of levels represents a critical support zone. A break below would undo much of Friday’s upside momentum, disappointing buyers who stepped in above those same technical markers on the run to the upside.

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