EURUSD falls to trend line target and sees a bounce

Technical Analysis

Author: Greg Michalowski | eurusd

EURUSD runs from topside trend line to lower trend line

EURUSD runs from topside trend line to lower trend line

The EURUSD has moved from a topside trend line to a lower channel trend line at the 1.10917 area.  See previous post for the target projection.

A bounce has now taken the price back above the 1.11000 level with the 61.8% at 1.11115 as a level to get above to give the dip buyers some confidence the bottom is (may be) in place.  Getting and staying above 1.11115 would be the barometer.  

If it can not be broken, the downside may no be over.   

PS. Looking at the daily chart, the 1.1100-1.1109 is home to swing levels from April, May and July.   That increases the 1.11115 level as a key level that must get above.   The correction higher off the low has only gotten to 1.1101 so far.  Bears and dip buying bulls are battling it out with the sellers still in more control.  

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