Forex technical analysis: EURUSD trades to new session lows

Forex technical analysis: EURUSD trades to new session lows

Looks toward next targets (and moves away from broken ones).

The EURUSD is moving to a new session low and in the process is moving away from broken levels.

Looking at the 4-hour chart above, the pair had a floor in the 1.2251-60 area. That has been broken and the price has moved away.

The low from March 20/21 at 1.22387 has also been broken, and the price is moving away from it too. 

The selling is intensifying.

The next target area on the chart comes in at 1.2204-11 (swing levels). Below that and the pair will be looking toward March 1 low at 1.2153.  

Looking at the daily chart below, remember the pair sits in an up and down trading range since mid-January. This week, the high on Monday stayed below the 50% retracement at 1.2354 (the high reached 1.2345). The price is moving away from a broken trend line and moves toward the next key targets.  

Note the 100 day MA (at 1.2141 now) is moving higher and moving closer to the swing lows from Jan and March. That will area (see yellow area in the chart below) will be a key support target.  

For a longer term discussion on the EURUSD, read my weekend
post HERE
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