EURUSD test 2021 low (at lowest level since November 2020).
The EURUSD is testing low from yesterday at 1.16648. The low price just reached 1.16644 and bounced a few pips higher. Traders are leaning against the low, with stopped likely on a break lower. The range for the euro is only 24 pips today which is just 47% of the normal range of 51 pips (over the last month of trading). There is room to roam.
The EURUSD fell below the March 31 low at 1.17035 for the first time on Wednesday on two separate occasions, but the FOMC meeting minutes pushed price back above that old low by the close.
In trading yesterday, the price move below that low and stay below the low. The one corrective move higher into the New York session yesterday saw the price lean against that low level (and the low from last week at 1.17053 (see yellow area in the hourly chart above).
The sellers are many control below the old swing area.