Technical Analysis

EURUSD dragged back down. Below trend line and 1.1300 level

Eyes the 1.1285 area now

The EURUSD has dragged back down after what was a relatively strong run higher into the NY session.   The price has just moved back below a broken trend line (tilt lower) and the 1.1300 level as well. The price is currently testing the 38.2% of the days range the 50% is at 1.1286 which corresponds with earlier highs this week from Tuesday, Wednesday, and Thursday.   A move below that level would negate a lot of the bullish momentum seen ealier today. 

Already, there is a tilt more to the downside on the failed trend line break, but there is still the potential for a battle at the 1.1285 area on a test between buyers and sellers. 

ForexLive

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