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After ten days of declines during which it fell more than seven cents (700 pips), the euro paused at the trendline drawn off of 2015 lows. The pullback has so far been less than one cent but traders may step up covering if the move stalls further.
Buying may accelerate if the pair trades through the immediate resistance between 1.0650 and 1.0675. On the other hand, a daily close below 1.0575 could lead to continuation of the downtrend, targeting last year's lows, 1.0520 and 1.0460.
Buying may accelerate if the pair trades through the immediate resistance between 1.0650 and 1.0675. On the other hand, a daily close below 1.0575 could lead to continuation of the downtrend, targeting last year's lows, 1.0520 and 1.0460.