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EURUSD continues to step down. New lows for the day

  • Not much in the way of corrective action today
EURUSD continues its step lower

The EURUSD continues to step down after stalling initially near the 50% midpoint of the 2023 trading range earlier today, but eventually breaking lower. The price is now testing the next target area between 1.07115 and 1.07243. A move below that level would have traders targeting the 61.8% retracement 1.06909. Sellers remain in firm control.

Taking a look at the 5-minute chart, the pair consolidated in the Asian session allowing for the 200 bar moving average (green line in the chart below) to catch up. However sellers leaned ahead of the 200 bar moving average, and that helped to keep a lid on the pair on two separate occasions. The price has since moved further away from both the 100 and 200 bar moving averages as selling intensified (helped by the break of the 50% on the hourly).

Ultimately, it would now take a move back above the 100 bar moving average (at 1.0752) to tilt the bias more in favor of the buyers in the short term. Getting above the 200 bar moving average (currently at 1.0770) would also increase that short-term bias.

Until then, the sellers are in firm control as the price continues the trend move lower.

EURUSD on the 5 minute chart

PS ECBs Lagarde is scheduled to speak at the top of the hour

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