In an earlier post, I commented that getting back above the 1.09253 level should be more bullish, but with a short leash on a break i.e. the price needed to stay above that level.
Well, the price could NOT stay above the 1.09253 level, and the price has since fallen back below the 1.0900 level as well. The EURUSD now looks toward the swing lows over the last two trading days between 1.08728 and 1.08638 as the next target area. The low price currently trading at 1.8885.
The ups and downs continue. Trading the range has been the best trades over that time period. I would therefore expect buyers to lean on a retest of the lows, with a stop on a break.
This article was originally published by Forexlive.com. Read the original article here.