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Home ANALYSIS

EURUSD trades a new low for the week

A.R Chowdhury by A.R Chowdhury
September 5, 2020
Reading Time: 1 min read
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EURUSD trades a new low for the week

Looks to test swing area

The EURUSD moved below the low from yesterday at 1.17883, trading to a low of 1.1785. That was just above a swing area between 1.1779 and 1.17837.  Buyers have pushed the price back up.  The price currently trades just below the 1.1800 level at 1.1790 as I type.

EURUSD on the hourly chart

The aforementioned swing area was broken back on August 21, August 26, and August 27. The last 2 breaks were quickly rejected (on August 26 and August 27).  The fall below on August 21 lasted for a number of hours before rebounding back higher. The quick failures suggest buyers were happy despite the break. A move below should solicit more selling.

On the topside the corrective move off of the low has so far stayed below the 1.1800 level. There was a swing low yesterday at 1.18013. The day low hourly bar today at 1.1801. Watch that level as close resistance. Stay below keeps the bears more in control

For bank trade ideas, check out eFX Plus

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A.R Chowdhury

A.R Chowdhury

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