EURUSD runs to a brand new low, bounces. Now can the sellers put a lid on the correction?

The EURUSD ran to a brand new low which prolonged to a low of 1.0555. That moved away from the 2024 previous low at 1.06005. Recall yesterday, the value moved beneath that degree to a low of 1.0594. In buying and selling right this moment the value moved to a brand new low of 1.0592 however every break failed.

After the CPI knowledge, the value moved again up towards the swing low from Could 1 at 1.06491. The excessive value reached 1.0653 and shortly reversed again to the draw back.

As soon as the 1.0600 degree was damaged once more, patrons flip to sellers forcing value to the low at 1.0555.

With the patrons having an opportunity and failing, and the sellers taking management beneath 1.06005, the time is now for the sellers to place a lid on any correction close to the previous low for the yr. If the value can keep beneath that degree, I’d assume that there shall be added disappointment on the failed breaks.

PS Additionally within the space is the 38.2% retracement of the each day chart. The transfer up from the 2022 low to the 2023 excessive has the 38.2% retracement at 1.06106. A extra conservative threat degree (i.e. cease) for shorts on the lookout for extra draw back could be this degree.

It’s time for the sellers to take extra management. Can sellers maintain a lid on the pair between 1.06005 -1.0610 space? That’s the key.

This text was written by Emma Wang at www.ubaidahsan.com.



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