Back between trend lines..
The EURUSD held an old topside trend line in the Asian session. That trend line cuts across at 1.1600 currently (and moving lower). It fell below last week's lows at 1.1573 and a lower trend line currently at 1.1559 (and moving lower). That break lower should have led to a momentum move lower. Instead the selling stalled. There was no momentum. The price rebounded higher.
The failure to keep the momentum going, reestablishes the trend line at 1.1559 as support (again). On the topside, a move above the topside trend line at 1.1600 will now be eyed. In between is the 1.5173 low from last week.
Technically, you have to be disappointed with the failed break. The market had the opportunity to take the pair lower. It could not. Remember, the head and shoulder formation from the daily is still in play. Traders would like to see more momentum (see daily chart below) instead of little moves.
If the market rallies look for sellers at the 1.1600 level. Buyers are trying to take more control with trend line support below. However, I will still look for sellers to keep a lid on the rally as the 1.1600 level is approached with stops on break higher.
PS EURGBP is moving higher which is helping the buyers in the EURUSD.