Rebounds a little
The EURUSD has been moving lower today. Yesterday afternoon, the price of the pair fell below a cluster of MA lines (see yellow area). There was a final test that found sellers against the area, and the price worked its way lower.
The fall the GBPUSD dragged the pair further lower, and kept the control until a lower channel trend line and a swing low from July 18th found some buyers.
The fall has seemed to have found a level to take a breathe (PS Carney did end his presser and the GBPUSD is also bouncing a little).
Drilling to the 5-minute chart, the pair is up testing the 100 bar MA and the 38.2% of the day's trading range at 1.16269. This level and the 50% at 1.16338 is another area to get above if the selling is over. If the price can't get above, the buyers are not taking back control.
Taking a look at the pair from the longer term daily perspective (see below), at the low, the price did dip below a lower trend line at 1.16048 level. The low reached 1.6005. Remember earlier in the week, the price peeked above the topside trend line and it too failed. Tit-for-tat at the trend line extremes?
What we do know - and are reminded from the chart below - is that the EURUSD can't just continue the ups and downs between the trend lines forever.... At some point there will be a break and run away. The sellers are testing the lower extreme today. Be aware
