USD buying continues
The EURUSD has moved down to test the lower trend line on the hourly chart at the 1.1033 level (see chart above and the earlier post HERE "EURUSD makes a break for it..."). Buyers seem to be leaning on the first look. A break below is needed to keep the trend lower going.
Below that, the 1.1000 level on the daily chart is the next target.
The pair's holding of the hourly trend line may be a short term bottom. What next?
Looking at the 5 minute chart below, the 1.10506-1.1056 area should be a resistance area now if the trend action is to continue.....That is the 38.2%-50% of the last trend leg lower. A move above would muddy the trend waters for the day. Staying below, keeps the trend intact and could see another run at the 1.1034 trend line level.