The price of the EURUSD has moved to a new session low and in the process has moved below trend line support (the red numbered circles), the 61.8% but remains above the recent swing lows from Tuesday (at 1.1314), and January 11(at 1.1317 and 1.13126 - see green numbered circles). A move below 1.1312 will increase the bearish bias.
Will the buyers hold support or will the support area be broken?
Traders will battle it out against the key swing area.
Recall from last week, the price of the EURUSD moved outside of the trading range that confined the range since November. The price moving above 1.1385 level, gave the buyers the go-ahead to push higher. The pair moved up to a high of 1.1482 on Thursday and Friday of last week.
However since peaking, the pair is now down 4 of the last 5 trading day (yesterday the pair bounced off of trendline support and closed higher).