EURUSD reaches the high of swing area target
The EURUSD has moved down to a new low and in the process has reached the high of a swing area between 1.0483 and 1.0500. The low price has reached 1.0496 so far.
The swing area is home to a number of different swing lows going back to September 27. Last week the low price reached 1.0483 and bounced.
Taking a broader look at the daily chart, there is also a swing area between 1.0483 and 1.05335 that goes back to November 2022 (see red numbered circles on the chart below).
With support on the hourly and the daily chart at/near the same 1.0483 level, a move below would be more bearish and have traders targeting the low prices from last week’s trading at 1.0448.
Below that level, and the 50% midpoint of the move up from the September 2022 low would be targeted at 1.04053. That would be the lowest level going back to early December 2022.
Key support.