December 6, 2022

Forex Solution

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ALERT. EURUSD breaks to new 2021 low and bounces

1 min read

The lows between 1.17013 to 1.17053 was broken and the price scoots to 1.16929 

The EURUSD broke below the old lows from March 31 and July between 1.17035 and 1.17053 earlier today, but only to 1.17013 before bouncing higher.  

The lows between 1.17013 to 1.17053 was broken and the price scoots to 1.16929 

The price then traded between the 1.17054 level and 1.17292 until the last hour or so of trading.  The price broke below the swing levels, cracked 1.1700 and moved to a low at 1.16929.

Looking at the five minute chart below, the price has bounced back up to retest the 1.17053 level. The 38.2% retracement of the move down in the New York session was also tested near that level. 

We currently trade at 1.1702.  The pair sits on an edge.

If the price can stay below 1.17053, the sellers remain in full control intraday.  If the price move above that level, there could be more disappointment on the failed break (for the 2nd time today). 

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