Old trend line at 1.1220 stalling the fall a bit.
The EURUSD has moved up and down as the market digests the increased ECB stimulus and the sharply lower expectations for growth. The initial moved to the upside took the price up to 1.12715. That was the highest level since March 13. The price also extended above a swing area on the daily chart at 1.12385 to 1.12489 (see yellow area on the daily chart below). If the price is to go higher, getting above and staying above that level will be eyed.
The price has since moved back lower and trades back below that swing area (currently trading at 1.1232).
Drilling to the hourly chart, an old trendline on the downside cuts across at 1.1220. The price seems to be finding some support near that level. A break below should solicit more selling. The next downside target would look toward the 38.2% retracement at 1.1198, followed by a swing area over the last 3 days which comes in between 1.1182 and 1.11954 (see yellow area in the chart below).
Should the price rebounded and extend back above the 1.12489 level, the highs for the day followed by the topside trend line on the hourly chart would be eyed. That trend line currently comes in at 1.1282.
