December 6, 2022

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EURUSD moves into swing area as price corrects Friday’s decline

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Swing area between 1.21254 and 1.21340

The EURUSD has moved into a swing area between 1.21254 and 1.21340 as the market corrects some of the sharp declines seen from Friday’s trade.  That area has been home to a number of swing levels on back to May 10.  A move above that level would next target the 38.2% retracement of the range from last week at 1.21398. 

Swing area between 1.21254 and 1.21340_

On Friday, the price moved below the June 4 low near 1.2100 to the low at 1.20919. Today, the low could not reach or break below that low. The move back above the lows swing area at 1.21036 to 1.21068 led to more corrective buying.  

Overall, the market correction is just that, a correction.  However, if the swing area can get above the 1.2134 and then the 38.2%, sellers from Friday, might start to get a little frustrated after the failed breaks. 
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