It did go above trend line for the 2nd time but failed.

The EURUSD peaked yesterday at 1.25369.

On the move higher, the price moved above a trend line at 1.2463 (see daily chart above). When Trump spoke yesterday, the price cracked below that trend line and the price tumbled lower.

Today, the price corrected. That same trend was broken - this time at 1.2469. The buyers entered and pushed the price to 1.24928 (see 5-minute chart below)

If this pair is going lower, it has to stay below the 1.2469 level. It whipped around once. It can't do it again.

What increases the sellers confidence?

Looking at the hourly chart, the 38.2% of the move up from the Jan 18 low comes in at 1.23945. Below that, the 100 hour MA and the 50% retracement comes in at 1.2350 level. Getting and staying below those areas, will increase selling confidence.


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