The EURUSD is moving to a new session low, taking out the prior low near 1.0184. The next downside target would be the 50% retracement of the move up from the July 14 low. That level comes in at 1.01597. Below that and traders will be eyeing a swing area between 1.0144 and 1.0151.
The close risk coming into the New York session was at 1.02088. The price moved above that level but fell short of its 200 hour moving average 1.02322. That was the key barometer for buyers and sellers today. Move back above that would be a huge disappointment for the sellers looking for more downside momentum.
The high corrective price reached 1.02227, about 10 pips from that moving average level. Early sellers leaned. The price started to move back to the downside.
The EURUSD is the lone wolf making new lows vs the USD. The GBPUSD, USDCHF, USDCAD, AUDUSD and NZDUSD are all off their extremes still. This suggests a more bearish view of the EUR overall.
This article was written by Greg Michalowski at
www.forexlive.com.
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15-08-2022, 17:03
EURUSD trades to a new session low
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