Below lower trend line and swing area. August low eyed
The EURUSD fell with the help of incoming ECB Pres. Lagarde's comments.
In the process, the technical picture is weakening.
Looking at the hourly chart, a topside trend line is now in place and stalled the price rise after the US data. The move lower, took the price below a swing area at the 1.1063-658 and below a trend line at 1.1061. The low from August comes in at 1.10478. The best case for sellers now is to stay below the 1.10658 level.
Yesterday, the tilt to the downside was started by finding sellers between the 100 and 200 hour MAs (blue and green lines).
Now....the pair is not really running. The range is only 32 pips today (average over the last month at 59 pips).
The price is moving a bit higher after the weaker Pending home sales. We will see if the sellers can keep the pressure on the pair.
