but it is testing a channel trend line on the hourly chart
The EURUSD fell below the floor area in the 1.09885-92 area and has scooted below the November low at 1.09806 as well. Open field ahead on the daily chart.
However drilling to the hourly chart, the pair is testing a lower channel trendline that parallels the upper trendline from the February 3 and February 5 high. The level as being tested at 1.09725. If sellers can push below that level the field gets more open from both a daily and hourly perspective.
It will take a move back above the November low and 1.09806 to give the dip buyers some comfort, but in reality, a move back above the 1.0992 level is probably the minimum that buyers will need to get back above in order to weaken the shorts hand.
