The EURUSD moved sharply lower after the stronger than expected US CPI, and has continued that trend since then.
In the process, the price has moved below a swing area between 1.07950 and 1.08036. The current price trades at 1.0745. The swing area is now a key barometer for both buyers and sellers. Stay below is more bearish. Move back above and something else is up given the fundamental shift today.
On the downside, the low for April at 1.07238 is the next target, followed by the swing low from 2024 from February 14 at 1.06942.
EURUSD trades to a new session low as sellers control