Tests 2018 low and stalls
The EURUSD continued the choppy steps lower and in the process has moved to test the August/2018 low at 1.1300. The low reached 1.13012 so far. We currently trade at 1.13145 – just off that low. The level is a key level for the bulls and bears. So far buyers are leaning as risk can be defined and limited.
Taking a broader look at the daily chart, on a break of the 1.1300 level will next look at 1.12823. Going back to June 2017 that was a swing level. If broken, that would confirm more downside.
Risk levels for shorts?
The EURUSD took a peek above the 100 hour MA on Monday (see hourly chart below), but it was only a peek (see blue line). That MA comes in at 1.13644 currently,
Ahead of that MA line is
- The low from Friday at 1.1335
- A topside trend line at 1.1352.
Staying on the hourly chart, a target on the downside would be the lower trend line at 1.1269 (and moving lower).