EURUSD at trend line resistance

FX:EURUSD   Euro Fx/U.S. Dollar
While the euro             has fallen a bit against the yen and the pound today, the dollar's weakness has limited the downside risk in EURUSD             . If the dollar ends up rebounding following May's US retail sales data on Thursday, we may very well see the euro             fall back to $1.12 or even below given the long term trend line that's currently being tested (it comes in at around $1.137$). This is something that we should all be following tomorrow. If the dollar continues to fall, however, don't expect EURUSD             to provide a new short opportunity as the trend line resistance would probably break. $1.15 would likely be reached once $1.14 gave way.

I'll be updating this idea tomorrow based on how the market moves following the US retail sales data.
EURUSD fell back to $1.12 following the retail sales data. We'll need to see the dollar rally even more with the University of Michigan Consumer Sentiment reading tomorrow to see a break below the $1.119 support. This would likely lead to a fall back down to $1.105.
+1 Reply
Bonjour Mr Adrian. je suis tres heureux de te voir ici. J ai appris bcp de vous et vos amis les analystes de dailyfx et grace a Dieu et a vous que j ai resiste encours aux marche de change merci bcp. Voila j ai l honneur de vous suivre.
Prices are now above the trend line. Not sure yet if this is a bullish technical signal as $1.1450/1.15 is a big resistance level.
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