EURUSD breaks lower. We are heading towards the next target at 1.0635

EURUSD is driving towards a new session low and in doing so, moving away from the swing zone between 1.06583 and 1.06669. The low just traded at 1.06445. The May 31 low at 1.0635 is the next key target.

Below, traders are targeting the 38.2% retracement of the rise from the September 2022 low. This level stands at 1.06105. A move below this level opens the door for a move towards the 1.0500 area (there is a swing zone on the daily chart between 1.04846 and 1.05335 – see red numbered circles).