Low for the month at 1.1233
The EURUSD has moved to new session lows at the 1.1245 and looks toward the low for April at 1.1233. The price has fallen below a trend line connect recent lows on the daily chart. In fact, it is a head and shoulders break (at 1.1269). Risk is a move back above today - and staying above that line. Traders will want to see the price cl
The measured target for the break would be around the 1.1030 area. However, I warn traders to not become enamored by the chart pattern. For every one that forms there is another that fails to materialize.
Nevertheless, the break is more bearish technically.
Other targets on more bearishness besides the April low is:
- 1.1216. This was a high from March 10 and March 28 (just before the surge higher
- 1.1143. Low from March 24
- 1.1103. Near 1.1100 and also the 38.2% of the move up from the December low.
- 1.1053. The 100 and 200 day MA come in at that level.
The break of the trend line is step one and it is still fresh and close by. Can the sellers keep the pressure on? That is what we will be watching this morning.