Can't keep the buyers in control
The EURUSD moved above topside trend line. The EURUSD moved back below topside trend line. This was the risk level for the buyers. The market could not stay above. The longs gave up.
The pair remains higher on the day, but the noise in the pair requires ear plugs.
Does the topside trend line (at 1.1429 currently) stall rallies now or is the dip just the "market" flushing the bad longs near the topside resistance (see daily chart below)? If the peak is in, it would be the 5th swing high to stall in the 1.1435-65 range since February (September high stalled at 1.1459).
The US inventory data just came out less than expectations. This will not help 3rd quarter GDP tracking estimates. The Atlanta Fed tracking estimate is eyed. It was last updated to 1.0% from 1.1% on October 9th.