EURUSD bottomed at lower trend line
The EURUSD fell to the lowest level since March 20 in training today. The low price extended to 1.0658. The declines erased the rebound gains from yesterday. The low price yesterday reach 1.06718 before rebounding to an intraday high of 1.07474. The move higher to the price above the 100-hour moving average (blue line in the chart above), but fell short of the falling 200-hour moving average target (green line in the chart above).
In trading today, the price opened above the 100-hour moving average, but fell below the tactical level and buyers turned to sellers in the Asian session, and continue to move lower in the European morning session as inflation numbers in Europe came in mostly weaker than expectations (Italy was an exception that France and Germany both showed weaker CPI data). The price and bottom that 1.06592 which was a long day lower trendline on the hourly chart above). The price has rebounded modestly. The current price trades at 1.06818.
Close resistance comes in between 1.06909 to 1.0704 (see video below for a review of that area) and the falling 100 hour MA at 1.07178.
On the downside, 1.0610 is the next key target. You can see the importance of that level from the daily chart. I outline why that level is so important in the video below. Take a look. Be aware. Be prepared.