Corrects off last week's lows
The EURUSD is trading to new session highs, building off the lowest level since April 8th. IN the process the pair is testing a channel trend line off the lows from last week and earlier today. That trend line comes in at 1.1254. Also in the area are swing low from April 9, April 10 and April 11. There have been moves above and below that level but it may be another reason for shorts (see green circles). On Thursday last week, the price fell below that area and has been able to stay below through Good Friday. The area is holding now.
A move above the topside trend line would be needed to get more buyers onboard. So far, the sellers are stalling the rally against the 1.1254-56 area.
