February 3, 2023

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EURUSD backs off highs for the day. Trades in the red

1 min read

Traders buy the dollar 

The US stocks remain mixed with Dow at new records and the Nasdaq continuing to get hit. The S&P has tilted a little to the downside as well.

Traders buy the dollar 

The USD has seen some buying including the EURUSDon the back of the weakness in the broader indices. 

The EURUSD traders may also be a little disappointed after eking out a small new high in the current hourly bar, only to have that break, go nowhere.

The pair is down back down trading negative on the day.

The next downside target would be the swing higoing back to April 29 at 1.21494.  In the late Asian/early European session, the price did fall below that level on it’s way to the low for the dayat 1.29393. However, the next hourly bar saw the price rebound sharply as traders are just not sure of the direction today.

Nevertheless stay move below the 1.21494 level should solicit more selling. Below that the 38.2% retracement of the sharp move up from Friday’s low comes in at 1.21298. That would be the next target.  

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