EURUSD moves below the trend line after testing swing area
In the morning video (and post) on the EURUSD, I pointed out the resistance against the 1.06908 to 1.07041 area. The price moved up in the morning US session and found sellers lining up against the 1.07041 level.
To watch the video, click on the video below.
The fall back to the downside has now broken below what was support earlier in the day along a trend line on the hourly chart.
Sellers are making a stronger play. Sellers are in control. The price remains below the aforementioned swing area and the 100-hour moving average. Bearish.
Can the trend line break lead to more selling?
As outlined in the video, the next support comes at 1.06100. Move below that level and the 200-day moving average at 1.10490 becomes a focus. There is a swing area between that level and 1.05335 as well (see the hourly chart above).