EURUSD breaks lower in sympathy with the GBP

Eyes last weeks high

The EURUSD has moved lower in sympathy with the GBP.

In the process, the price has moved below the swing highs from the end of July (see 4-hour chart above).

The next target is the high from last week and a swing high from earlier this week at 1.1721-239. A move below that level would have traders targeting the 38.2% at 1.16965 and the lower channel trend line. That line comes in at 1.1679.

BTW, the topside channel line stalled the rally at the high today.

Risk is the 1.1743-495 now. Stay below keeps the sellers in control.