Underside of the trend line stalls the rise
The EURUSD raced higher like a freight train (see earlier post), and reached the underside of a broken trend line at the 1.1446 level (see red circles in the chart below). It is hard to stop a freight train, but that is what the trend line ended up doing.
The price has now come down to retest the swing highs from Feb 28th and March 1 at 1.14188 and 1.1408. The low just reached 1.14163. Do the buyers still love it? They should be buyers in this area (PS the 38.2% of the move up from the low today comes in at 1.1404 too).
A battle is underway thanks to the freight train stopper.
