Topside trend line stalls rally
The EURUSD broke higher this week and in the process moved above an old swing low area going back to 2018 between 1.21534 to 1.21641. The high price yesterday reached up to 1.22722. That was near a topside trend line on the daily chart at 1.2268. Today, the high was lower at 1.22705. That was just short of the topside trend line at 1.2273. The price has modestly moved off that trend line. A move above today would be more bullish.
Drillling to the hourly chart, the pair broke above a topside trend line yesterday (see red numbered circles) on the way to the highs. The correction lower today, has found support buyers against the underside of the broken trend line. A move below it - with momentum that takes the price below the low for the day (at 1.2238) - and the sellers may look to lighten up ahead of the weekend. Stay above and the buyers are more in control.
