Looks toward the lows of the day
The EURUSD is looking to complete an up and down lap. The pair reached a low of 1.1246 earlier, rallied up to 1.1284 which is near the low of a swing area (see yellow area). Holding below that level seems to be giving the sellers more courage to move the price lower. German yields at -0.063% for the 10 year (down 4.9 bps on the day) makes rallies in the EURUSD a hard proposition. Maybe if the Fed did but 50 bps, it would help. PS US 10 year yields are down an similar 4.7 bps.
Technically, the lows today did stall near lows from March 12th at 1.12503. As I type, the price is bouncing against that area with the price trading at 1.1257 currrently.
If there is a break below the low area at 1.1246-50, traders will look toward
- The Feb 15 low at 1.12334,
- The March 11 lows at 1.1221.
- The November 2018 low and low for 2018 at 1.12148
- Below that, is the March 2019 low (and low for 2019) at 1.1174.
Trader looking for more upside off the low support will need to see the price move back above the 1.1265-678 area. That is where the 200 and 100 bar MAs on the 5 minute chart are found.
