Sellers are back in control...
The EURUSD is continuing its move lower with the trend line at 1.1697, the 200 hour MA at 1.1692 and the 38.2% at 1.16895. The low earlier today, stalled at the lower trend line and bounced. The bounce took the price to the underside of the broken trend line. That stalled the rally. The fall back below the 100 hour MA (blue line) helped to turn the tide back down.
The pair has had an up and down day today. The market is unsure, but traders have leaned and used technical levels to help define the risk. I would therefore expect the cluster of support to attract the dip buyers. However, at some point the market will decide and there will be a break.
Trump went on a rampage at the NATO meetings today, even floating the idea that 2% of GDP for defense spending should be 4% of GDP.
The US is already comfortable with that and it is a means to 3% plus growth. European nations can't even get to 2%. If the Trump goal is to win and he keeps pressing and pressing, I am not sure it benefits the EU nations/the EURUSD. The other question is where is the defense spending spent? Is it on imports from the US?
The price is testing the trend line now with the 200 hour MA looming just below.