Stay below the 1.0938 area keeps the sellers in more control
The EURUSD moved to another new low going back to May 2017 today with the pair reaching 1.08787. That took out the low from yesterday 1.08839, but only by 5 or so pips.
The price action has waffled back higher with the high for the day reaching 1.09073. That extended the price above the swing low from last week at 1.09038, but like the new low, the momentum could not be sustained.
A little break below, a little break above. The market is trying to find it’s way intraday.
If the price can stay below the 1.0938 (and high for the day), I would give the sellers the control. Move above and the waters are more muddy as new lows falied and staying below the lows from last week also failed (again).
On more upside, the 1.0919 to 1.09274 (falling 100 hour MA) with the swing lows from early September in between (yellow area) is a more important technical area for buyers and sellers. A move above would not be welcomed by sellers and should give the bulls more confidence that the low is in place – at least for now, and a larger correction is possible.