EURUSD falls below swing area and looks toward the next

Technical Analysis

The EURUSD moved to new session lows. The move to the downside picked up steam on the break below the swing area between 1.0866 to 1.0886. The price has moved to a low of 1.0823 and looks toward the 1.0800 area (1.0799 to 1.0805) as the next target (blue numbered circles). The price moved above that level yesterday after using that level as resistance earlier in the day.

At the high today, the price tested swing eyes going back to January/early February between 1.0926 and 1.0939 (see red numbered circles). Sellers leaned against that area and stalled the upside.

As long as the support at 1.0866 held, the buyers were still in firm control, but on the break, the bias shifted – at least in the short term.

The sellers are making a play, but they have work to do. The 1.0800 is the next target area.

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