Sellers showing more downside momentum. Can they keep control
The EURUSD has continued the selling seen as NY traders entered for the day. The move lower has taken the price to a new low of 1.06736. The next target comes in at the 1.0659-65 area which are the lows from April 21st and April 23rd.
Looking at the 5 minute chart now, the move lower is showing more selling momentum. The price has trended below the 1.0701 level which was the low from Friday. The 38.2-50% of the last trend move lower (from 1.0736 to 1.0673) comes in at 1.06977 to 1.0705. This is now risk for traders looking to extend lower. Stay below. Stay short. Move above and the technical waters get more muddy.
