Support on the daily chart broken. Lower trend line on the hourly tested/broken too
The price of EURUSD has moved to a new low and in the process has cracked a support target on the daily chart at 1.1424. The level corresponds with a swing high going back to June 2020 and a swing low from July before basing and moving higher.
Looking at the hourly chart, the price is also testing/breaking below a lower trendline connecting swing lows from October 29 and from Friday's trade. That level comes in at 1.1418. The low price for the day has reached 1.1444.
When the price trades to a new low going back a ways, technicals rely on staying below broken levels. The euro fell below the low from Friday at 1.14325. That is now close risk for sellers. Stay below and the sellers remain in firm control. Putting it another way, the buyers have no control. When you have no control the fear, you hope, you pray.
The price may indeed bounce, but even getting above 1.14325, there would be more work to be done to take back more control.
