Buyers keep in control

There was some weakening of the EURUSD in the Asian session when the price fell below a lower channel trendline. However momentum could not be established.

Buyers keep in control

In the European session, the price moved back above the broken trend line and also extended above the highs from Friday and Monday at 1.11465 and 1.11532 respectively. The corrective recent low came down and retested the 1.1153 level and bounced. The buyers are keeping control above that swing area (yellow area). It will take a move below to hurt the bullish bias.

Taking a broader look at the daily chart, the price has moved above the 61.8% retracement of the 2020 trading range at 1.11644. That is also helping the bullish bias.

The EURUSD on the daily