The EURUSD is pushing to a new low. The low has reached 0.99633. The 0.99515 is the next downside target for the pair.
- That level represents the 50% midpoint of the range since the September high.
- It also is the swing low going back to July 14, and the cycle low at the time on the first break below parity in 2022.
Just below that level sits the rising 100 hour MA which is currently at 0.9944 currently (and moving higher). Finally the 38.2% of the move up from the low last week comes in at 0.99442.
There should be some stall near the area betwen 0.99442 and 0.99515, with stops on a break below.
Working in the favor of the sellers technically is the price has been able to close the last 5 hourly bars below the 1.0000 parity level. The last corrective high on the last hourly bar stalled at 0.99949 just short of that level. Sellers leaned.
Admittedly, the price decline is not running. The iniital move lower on the ECB rate decision reached 0.99715 shortly after the decision. The corrective high reached all the way up to 1.0043 on the rebound before stepping back to the downside. Nevertheless, the sellers are winning in the short term, but they DO have work to do. Get and stay below 0.99515 (and through 0.9944) would be the next job to be completed.
SEE video from earlier HERE