EURUSD technicals: EURUSD trades to a brand new low for the day

The EURUSD has slipped to a brand new session low, extending what stays a comparatively tight buying and selling vary. To date, the vary for the day measures simply 47 pips, nonetheless properly wanting the 88-pip common.

From a technical perspective, the pair is transferring additional away from the swing space between 1.1692 and 1.17028, leaving patrons with much less near-term help to lean in opposition to and giving sellers some further confidence. The main target now shifts to a cluster of draw back targets, together with:

• 200-hour transferring common at 1.16674

• 61.eight% retracement of the transfer because the July 1 excessive at 1.16615

• 100-hour transferring common at 1.16522

That confluence of ranges represents a crucial help zone. A break beneath would undo a lot of Friday’s upside momentum, disappointing patrons who stepped in above those self same technical markers on the run to the upside.

This text was written by Emma Wang at investinglive.com.