The EURUSD fell on the better US GDP (ignored the Durable Goods weakness). The move to new lows is testing the lower trend line connecting recent lows on the daily chart (see chart below). That level comes in at the 1.2180 level. The low reached 1.21817. I would expect that in the holiday trading, traders might find it worthwhile to stick a toe in the water against the level with stops below.
EURUSD on the daily chart.
If there is a break, the pair will next look to target the 1.2130 level which is the 50% of the move up from the 2000 low to the 2008 high. Wouldn’t that be a great level to close the year?
EURUSD moves closer to the 50% of the all time post 1999 range.
The liquidity conditions remain light. So be careful
