EURUSD dipping back below lower trend line. Sellers make another play

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1.13765 broken

The EURUSD has cracked back below a lower trend line on the 4-hour chart below at 1.13765 and looks to test the quick low from earlier today.   That low came in at 1.13635.  

The price is also testing a swing high off the weekly chart going back to August 2016 at 1.13658.  A move below that level — on the weekly chart — will have traders targeting the 200 week moving average at 1.13142. That is near the high of a 1.12823-1.13119 swing area (see red circles in the chart below).

Drilling to the 5-minute chart, the price has been trading below the 1.13765 level for a few hours now. The market is getting used to being below. The caveat, is that it is not running.   But for sellers, stay below the level, keeps the sellers more in control. The buyers need to prove they can take it back above the 1.13765 level (and stay above). 




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