Tests the August 27 swing low
The EURUSD dip buyers early today stalled the pair near the 1.1700 level (and a swing area between 1.17013 and 1.17054 – see earlier post here). The price moved higher over the last few hours and in the process has moved above a swing area between 1.1723 and 1.17264. That was a level outlined earlier today that should give the dip buyers some comfort. It also has moved the price back into positive territory on the day – erasing the earlier declines.
The pair is currently testing the August 27 low that comes in at 1.17346. More momentum above that level, will have traders looking toward the 1.17421 and the 1.1750 swing low level. That 1.1750 level was was the swing low going back to last Thursday’s trade. Get above and it would be a another positive for the buyers from a technical perspective.