EUR/USD moves towards crucial support level
EUR/USD is selling off into the $1.1715 support level once more this morning, with the price remaining within a falling wedge pattern. That support level is a crucial historical point of reference, and thus keep an eye out for a potential response at $1.1715.
Interestingly, we are seeing the stochastic fail to create lower lows, thus providing a bullish divergence as momentum fails to follow the price. This could be a clue that we are set to rebound from here.
However, for a bullish view to come into play, we would need to see an hourly close above $1.1824. Until then, watch out for whether the current downside can break below the crucial $1.1715 support level to continue the recent downtrend.