Price fell to the lowest level since April 2016 today
The EURUSD fell to the lowest level since April 2016. That move took the price on the weekly chart, below the gap from France's weekend elections. The low at that time reached 1.07768. The low a month ago reached 1.07771 - just above that level. If there was a question of filling the gap, there is not one now.
The low reached 1.07247 so far today. On the downside on the weekly chart is a trend line that comes in at 1.0708 currently.
Taking a look at the hourly chart below, at the low today, the pair tested a lower trend line at the 1.0739 area currently (and moving lower). The price did move below those levels, but in this game, it is more "horse shoes and hand grenades". In other words, levels can be breached a little more than normal given the volatility.
On more downside today, there is another trend line at 1.0688 currently (and moving lower).
The price is moving higher now, and on the topside an old trend line cuts across at 1.0865. Admittedly, that trend line was broken in the Asian and early London trading, but was fairly solid before those breaks. A move above will look toward the 38.2% retracement of the move down from the March 16 high at 1.09199.
