December 3, 2022

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EURUSD trades at lowest level since April to start the trading week. What next?

1 min read

Falls below the low from last week in the process.

The EURUSD as fall below the low from last week and traded to the lowest level since April 5 to start the trading week.  Flows into the relative safety of the US dollar is driving the pair to the downside after an up and down session on Friday.  

Falls below the low from last week in the process.

Technically, the price remain below its 100 hour moving average (blue line) at the Asian session highs and got the ball rolling to the downside in the European session.  The pair did reach below the low from last week at 1.17708 to a low of 1.17674, bounced to 1.17807 before running to a new low for the day at 1.17631. 

The price has rebounded again and currently trades at 1.17762. That takes the price back above the lows from last week (at 1.17708). 

Dip buyers, who want to stick their toe in the water, would want to see a move back above the 1.17809 (was the low going back to July 7) – and stay above that level – if they are to take more control. 

Alternatively, staying below that level in the short term today would keep the sellers firmly in control.

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