EURUSD continues the skim along the 2021 lows

Friday the pair made another new low but quickly rebounded

The EURUSD is continuing "the skim" along the 2021 lows as the pair trades in a narrow 31 pip trading range for this Monday. The average range over the last 22 days is 68 pips. There is room to roam.

Today, the pair high has come in at 1.12898. That was just above the 61.8% retracement level of the range since 2020 at 1.12876, but that move above failed. That level will be eyed for clues but finding sellers near that level keeps the sellers in control.

Having said that the low today (1.12592) was near the swing low from Wednesday's trading (1.1263). Many a bottom have been formed when the price can't get to the bottom but stalls at an interim bottom like today's.

The fact is the pair is "skimming". The buyers and sellers are battling, BUT the sellers still have more control (the buyers are hoping for a bounce). Watch the levels, but a move back below the 1.12633 could/should give the buyers more to worry about and the sellers more confidence.

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Forex Trading For Beginners 2021

Monday, 22 November 2021