Falls below trend lines on the daily and then weekly
The EURUSD kept the pressure on the pair, falling below a trend line on the daily at the 1.0962 level. Yesterday, the pair fell below the level to the low at 109.57, but rebounded off that level, closing just above the level.
Taking a broader look at the weekly chart, the pair also fell below a trend line on the weekly at 1.0941 (see chart below).
The combination define the close risk and bias for the pair. The most bearish is to stay below the 109.41 (we trade at that level now). However, for traders, stay below the 1.0962, keeps the sellers in firm control.
With the price trading at the lowest level since since 2017, the onus is on the buyers to take back control. If they cannot get and keep the price above the broken trend lines, the sellers remain more in control.
On the downside there is a gap at the 1.0776 to 1.0820 area that if the sellers keep the control, will be a target area for the pair.
If you did not see the video from yesterday on the EURUSD technicals, CLICK HERE.