Holds at week swing low levels
The EURUSD traded above and below the 1.0600 level in the Asian Pacific session. Today at 10 AM there are 3.42B of expiring options. That is a pretty decent number. Yesterday the price fell sharply on the Draghi comments, but stalled near the level.
Today, the price move higher in the Asian session was able to extend to a high of 1.0629 before reversing and breaking lower. Is there an incentive to push the price back higher toward that strike before expiration? We will see, but look for sledding to be tough. I think traders would be happy hedging off sides positions ahead of the level. The 1.0600 level was a key support level yesterday. It should put up a fight on a retest (I would think) with stops on a break above.
Looking at the chart above, the low for the day has found some support against the week swing lows from the November 14th and November 28th weeks. Those lows came in at 1.0567 and 1.0552. The low today moved to 1.0552. We are currently trying to find support against that area (see yellow area in the chart above). In addition to the week low levels, there have been a number of other lows in the area. ON a move below the next targets are the 2016 lows at 1.0519 (remember that was a triple bottom) and the low this week at 1.0503. A move below that, and it open road ahead.
