…but movement is still SLOW
The EURUSD is trading to a new session low. It does not take must given the range for the day is only 19 pips currently. Nevertheless, the pair is at the lows.
Yesterday the price tested the broken 61.8% of the August range at 1.11115 and found sellers. It also fell back below the 1.1100 to 1.1109 area which is the home to swing lows from April, May and a swing low from July too. Those levels remain a barometer for bulls/bears. Stay below is more bearish.
The pair at the new low, tested a swing area at 1.10658-707. Should there be a move below, it should open the door for more selling. As I type the price has already bounced a little to 1.10763. The low for the month reached 1.10265 on August 1.
The high for the day reached 1.1088. That is close to some Asian lows on Monday on the hourly chart. So sellers were leaning there. A move above could see sellers give up and a move back up to test the 1.1100-115 area.
Let’s face it….the sellers have an advantage, but the price action is not really running. The 19 range for the day and the 43 pips range for the two days of the week, are not lighting the world on fire. Nevertheless, buyers are not winning (but the sellers need to shove more).