Made a new low today but only barely
The EURUSD waffles near the 2020 lows. The low price from January 29th reached to 1.09918. The low price today reached 1.09914. So a new low was reached but just barely. The price is currently trading at 1.1001. The high price reached 1.10133.
So we have a double bottom at 1.0991 area and lots of ups and downs intraday in a narrow 22 pip trading range.
Taking a broader look at the daily chart, the lows in 2020 are joined by swing lows from November 2019 at the 1.09885 to 1.09918 area (see yellow area). There was a lower low in November down to 1.09806 (which was a break that failed back then) but there are now 6 separate lows (counting today) where the price bottomed in that narrow area. As a result, this is a good support target. It will take a break below to solicit more selling. Stay above and getting back above the broken 61.8% level at 1.10162 would be a step in the upside direction.
