EUR/USD Shaking Hands with Possible Trendline Support
Since pencilling in a bottom at $1.0601 in April of this year, Europe’s single currency has rallied against the US dollar and established clear higher highs and higher lows (an uptrend).
From the EUR/USD’s daily chart, price action recently rejected resistance at $1.0883, formed a moderate correction within the trend, and led the pair to retest a trendline resistance-turned-potential support line taken from the high of $1.1139. Should buyers bid from the current price, this could lead the major pair back to $1.0883 and perhaps take a run at another layer of resistance from $1.0920.
From the EUR/USD’s daily chart, price action recently rejected resistance at $1.0883, formed a moderate correction within the trend, and led the pair to retest a trendline resistance-turned-potential support line taken from the high of $1.1139. Should buyers bid from the current price, this could lead the major pair back to $1.0883 and perhaps take a run at another layer of resistance from $1.0920.