EURUSD drops to test the 1.0510 level again
Once again the euro has come back towards 1.0500 and the strong 1.0510 level.
EURUSD 15m chart
So far the low is 1.0513 so the level is still holding support. But, I'm always cautious when a price comes back to a tested level quite quickly. We held it on Monday yet here we are again, so I'm less confident in it holding.
My confidence (or lack of) is largely irrelevant as the price will do what the price will do. There is a low risk trade for longs against the level with a tight stop under somewhere like 1.0490 but a break below here would likely mean shorts are the better trade, especially if the break is confirmed by 1.0510/15 then holding as resistance. That's more for intraday players.
For my long-term longs, a break below 1.05 will once again raise my anxiety levels and we could once again be looking at a test of the 1.03 lows.
There's not an awful lot happening and the data is light again so this could just be natural price roaming ahead of the really big event, the Trump speech later. If it is, then the bigger levels should be up to the task of keeping the price contained, at least until then.
