EURUSD tests swing area on weekly between 0.9662 and 0.9708

EURUSD looks toward the next target on the weekly

The EURUSD is is trading to a new cycle low at 0.9726. That is the lowest level since October 2002. The price is also getting closer to the high of a swing area going back to 2002 between 0.9662 and 0.9708. Those levels defined a floor between the weeks of June 16, 2002 and October 13, 2002. The market at that time based against that area and ultimately started its run to the upside with the price peaking near 1.6100 and 2008.

That is the longer term prospective of where we are. Drilling all the way down to the 5 minute chart it shows the trend down continuing.

Steve Walker

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