This process falls below last week’s lowest level.
EURUSD falls below last week’s low and traded to its lowest level since April 5 to start the trading week. The influx into the relative safety of the US dollar will push the negative side up and down after Friday in a couple of times.
Technically, the price at the peaks of the Asian sessions is below its 100-hour moving average (blue line) and puts the ball in the European session to minus. The pair reached a low of 1.17674 from a low of 1.17708 last week, jumped to 1.17807, before reaching a low of 1.17631.
The price has risen again and is currently trading at 1.17762. This brings the price back to last week’s lowest level (at 1.17708).
Buyers who want to put their toe in the water do not want to see the move back above 1.17809 (low until 7 July) – and above that level – if buyers want more control. Alternatively, this level would keep the sellers firmly under control in the short term.