Forex Trading For Beginners 2021: Another new low (and bounce for now) for the EURUSD today

New low for the year at 1.12752

The EURUSD extended to another new low today reaching below the low from yesterday of 1.12283. The new low today reached just 1.12252 (3 pips lower) and bounced.

The price high extended above the swing low from November 17 at 1.12633 but fell short of the downward sloping trend line and swing area between 1.12876 to 1.12923, along with the falling 100 hour MA at 1.12994.

The story remains the same. The sellers remain in control. The buyers grasp at new lows on intraday bounces (but have limited success). Buyers are not winning until the aforementioned levels are broken (that is the minimum hurdles).

Taking a broader look at the daily chart, the 1.11465 to 1.11748 is home to swing levels going back to 2020 (see red numbered circles on the daily chart below) and is the next major downside target on continued selling momentum. Today, there may not be much downside momentum (the price action is higher on the day for the most part in up and down trading) but the upside remains limited as well.