EURUSD breaks lower. Falls below range since mid- April

The EURUSD is breaking lower and in the process is trading to the lowest level since April 11. The price is testing the 1.0900 level.

Looking at the 4 hour chart, the price today fell below a swing area between 1.0933 and 1.0941 (see red numbered circles) and then below the swing low from April 17 at 1.0908. The swing low from April 18 came in at 1.09165. Those levels will be eyed as close risk levels. More conservative stops for sellers would be a move back above 1.0941 (see red numbered circles and high of the broken swing area).

Drilling to the hourly chart below, the high price yesterday and again today stalled near the 100 hour MA (yesterday the high price stall between the near converged 100 and 200 hour moving averages - blue and green lines). That kept the sellers more control, and help to guide the price lower through swing areas.

The price it did move above the 1.0941 level on a reaction by the BOE rate hike, but quickly rotated back to the downside.

Overall, the USD is getting a boost in flight to safety flows as traders now ponder a harder landing. The initial jobless claims spike to the highest level since January 2021 today. Yesterday the Bank of America announced that consumer credit and debit card spending had slowed especially for the high earners. Microsoft announced that wages remain steady this year.

The AUDUSD AUD/USD The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar The AUD/USD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one Australian dollar. For example, when the AUD/USD is trading at 0.7500, it means 1 Australian dollar is equivalent to 0.75 US dollars. The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the US Dollar Read this Term and NZDUSD are breaking lower. The USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term is breaking higher. The GBPUSD is also tumbling lower as I type.