The EURUSD has moved lower, trading to a new low for the new trading week and entering back into a key swing area that was defined back in April to November 2021.
Looking at the hourly chart below, the price moved above and based against that area at the end of June before moving to the high for the year (and going back to 2021) last week. The area was tested and bounced to the 100 hour MA today (blue line). Sellers leaned against the level and have pushed lower in the early US session, as a wave of USD buying has pushed the pair lower and back in the swing area.
A move below 1.1663 would open the door for more selling toward a swing area between 1.1614 and 1.1629.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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