A move and momentum back above 1.1600 will be eyed

The EURUSD is lower on the day and in the process has moved below levels on the downside.

  • The swing low from last Friday was broken at 1.1612
  • A lower trend line at 1.1601 currently was broken
  • The swing low from July 2 (new month low made) was broken.

The price moved to a low of 1.15739 but the price over the last 3 hourly bars has traded above and below the July low at 1.15906. We currently trade just above that level. However, the price has also been able to stay below the broken trend line at 1.1601.

So there is some cause for pause but watch for a move back above the 1.1600 level (with some momentum) to turn some of the "bear" around. The price traded at a new month low. The price should go lower. If it does not, the sellers are not in love with that break.

Be aware.

IF the price does continue the downside probe, the 1.1550 area will be eyed. There are a couple of swing lows from June 28th and a lower channel trend line at the area currently.