EUR/USD trend line support in view
EUR/USD has been retracing lower this morning as a continuation of the trend seen late into Friday. The failure for Friday to regain the $1.1042 resistance level was telling and brings questions as to the longevity of this rally.
For now, we remain somewhat in limbo, where a closed hourly candle above $1.1042 would bring a bullish outlook and a closed hourly candle below $1.0925 would bring a more bearish outlook. The pair has to contend with both trend line support and $1.0934 support levels before trying to reach the crucial $1.0925 neckline. Conversely, resistance levels on the way to $1.1042 are $1.0981 and $1.1031.