EURUSD Testing Crucial Support

The Euro started a nice uptrend from the 1.1100 swing low against the US Dollar, and traded above the 1.1230 level.

Later, the EURUSD pair was seen struggling near the 1.1250-60 area, which ignited a downside move. The pair has already moved below the 23.6% Fib retracement level of the last wave from the 1.1164 low to 1.1256 high.
At the moment, the pair is trading near a major support trend line at 1.1225. There can be two scenarios for EURUSD – first, the pair may break 1.1220 and trade towards 1.1180 or it may bounce back from the trend line support back towards the 1.1256 high.

 

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