....But topside trend line tested and held on the first look.
The EURUSD has kept the bullish trend move higher going today. The pair reached a session high of 1.1471. The pair closed at 1.1398 yesterday. The Asian session initially saw a move higher followed by a corrective move to the downside. But the low price today stalled against the late New York session low at the 1.13856. The corrective low could only reach 1.13904 moving back to the upside on risk on flows.
That's the good news for the buyers. The not so great news is that the high today ran into a upward sloping trendline. At the high today, the trend line cut across at 1.14485 (the current trend line is higher at 1.1454 and moving higher).
Close risk intraday comes in at the 1.14223 high from the Asian session. Going back to June 10, the swing high from that day reach 1.1421. I would think traders would jump on those 2 swing highs as a close risk level for today. Stay above is more bullish move below and there could be more probing to the downside.
For now though, the buyers are in control.
