EURUSD falls back below trend line support
The EURUSD has fallen sharply on the back of comments from Trump that he/the US ultimately wants stronger dollar.
The price fell below the broken trend line on the daily chart above at 1.2463. The price has moved down toward trend line support on the hourly chart at 1.2420. The bias is switched around and the 1.2463 level is now risk again.
One thing to remember, the EUR commitment of traders report has a large long position. In fact, longs are near record highs.
If there is a turn - and the failure above the topside trend line can be a turning point at 1.2463 - and the longs start to get out/take profit, that could lead to more downside.
Watching for the 1.2463 level to be a ceiling now and for sellers to lean on a test with stops on a break back above.
