EURUSD extends to new 2016 lows/new lows for the day
The EURUSD has cracked even lower after a move to the upside failed.
Earlier in the day, the pair moved to new year lows – cracking below the 1.07086 to 1.0711 area. The low reached 1.0687. As outlined earlier the correction stalled against the 50% of the day’s range (). The buyers in a trend move (in this case lower), need to prove that they can take control. That is derived from action against technical tools. The correction off the 1.0687 level could not do that. The price fell back lower.