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EURUSD reversal. Trades at new session lows.

Below 100 bar MA on 4-hour chart....

The EURUSD started the NY day making new highs. Now it is making new lows ( see prior post ).

The fall has the price now trading below the 50% of last weeks range (at 1.13488), below the 100 bar MA on the 4-hour chart, and enters the "yellow area" defined by swing levels . The low of that yellow area come in at 1.13337. Below that, get below 1.1326 and the downside opens up.

Needless to say, we are at a key level on the downside (after testing at least the highs not long ago). The range for the day is still narrow at 53 pips. The average is 80 pips over the last 22- trading days (about a month of trading).

Do the sellers want to keep the pressure on an have some fun with a bigger trend move, or is this just another swing low to buy. Key test for the market. The price action will not lie.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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