Old low at 1.17035 has been surpassed to 1.17013 (whoop dee do)
The EURUSD moved to a new 2021 low in early Asian trading today with the price moving below the old low at 1.17035 to a new low at 1.17013. Whoop dee do. Break and go 2 pips lower. The sellers were disappointed.
The failure early on, led to a grind higher where the price reached 1.17291. That took the price above a swing area between 1.17232 and 1.17248. Again, not much momentum on the break above the swing area. Disappointed again.
The pair's price action since then has the pair trade between the swing area above (up to 1.17248 area), and the August 11 low at 1.17053 (and also above the March 31 low at 1.17035). The price currently trades at 1.17146 between the two extreme technical areas.
What now?
With the price mired in a 28 or so pip trading range and holding resistance near 1.17248 and support near the March 31 low and August 11 low between 1.17035 and 1.17053, the pair is in the neutral trading range where buyers and sellers are battling it out.
It would take a move above the upper extreme, or a move below the lows again (hopefully with more momentum), to give traders the needed shove out of the mud. Until then, the wheels are continuing to spin.
