EURUSD moves to swing area target

The EURUSD has continued to move to the downside after earlier breaking below its 200-day moving average of 1.07854. The price has since moved to and through a modest swing area near 1.0752, and is now testing another more significant swing year between 1.07198, and 1.07346.

This swing area goes back to the end of January/early February, and as such should give traders some cause for pause on the move lower. I would expect buyers to lean against the area on the first dip, with a stop on a break below

This article was written by Greg Michalowski at www.forexlive.com.