Technical Analysis

EURUSD back below broken trend line

EURUSD falls back below trend line

The EURUSD has moved back below the upward sloping trend line that currently cuts across at 0.9759. The low from earlier in the day remains intact at 0.9729, but sellers remain in control on the continuation break lower today. The fall below the 0.98056 to 0.9815 was a key shift to the downside for the pair. I explain why in the video HERE. Moving back below the upward sloping trend line, increases that downside bias.

The next target comes in at at the 0.9704 to 0.97125 area. That was home to swing lows from October 14 and again on October 21. I would expect some cause for pause near that area with a break opening the door for a move toward 0.9662.

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