EUR/USD stuck in downtrend
EUR/USD is rallying off the lows of Monday’s session, but the overall trend remains intact, with a new lower low having been created. While the price is back above $1.17, the respite could be short-lived.
Unless the price can clear the high from last week at $1.1823, the bearish picture remains intact. The August low $1.1662 is the next big level to watch on the downside, and if this gives way the move lower could be swift.