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EURUSD moves toward lower channel trend line
The EURUSD moved above a channel trend line in the Asian session – helped by sideways and modest corrective price action. However, the break was short-lived, and the topside trendline started to see sellers leaning against it as the price wandered lower.
That wander, transitioned to a run after the higher-than-expected core PCE data in the US today. The pair moved to a low of 1.0535. That got to within eight pips of the lower channel trendline (at the time). The price has rebounded modestly, but the sellers remain more in control. They continue to chase the lower trendline which is running away as result of its downward slope. Currently comes in at 1.05244. Keep an eye on that level for some potential Friday profit-taking if selling intensifies.