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EURUSD moves lower and approaches the low for 2021

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The low for 2021 is at 1.17035

The EURUSD is lower on the day and in the process the pair has moved closer to the March 2021 low at 1.17035 (see daily chart below). Just below that level is the 38.2% of the move up from March 2020 low at 1.1694.   The low today has reached 1.17155.  

Helping the there were bias has been weaker ZEW data out of Germany today. The index plunged from 63.3 to 40.4. That index can be volatile, but that was a sharp decline (helped by Covid concerns).

The low for 2021 is at 1.17035

Get below those targets and the door opens for further downside momentum.  The swing lows from September and October would be the next steps between 1.16016 and 1.16116. 

drilling down to the hourly chart, the pairs high today stalled near the low from early trading on Monday near 1.17416. That level represents a risk level for the EURUSD going forward. With the combination low and high it sticks out as a risk/bias defining level going forward.  

With a trading range of 27 pips so far, that is 1/2 of the 54 pip average over the last month of trading.  So there is room to roam.  

 

EURUSD on the hourly chart
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