EUR/USD tumbles from key trendline resistance
EUR/USD managed to fall sharply yesterday, amid a burgeoning fiscal crisis in France.
Interestingly, we saw the price respect the descending trendline that seemed to be negated on Friday. This has taken us into trendline and horizontal support, with the price currently consolidating marginally above the notable $1.1305 level. A break below that support level would provide a bearish outlook going forward. However, until broken, there is a chance we could rebound from here to continue the consolidation that has been in play over recent weeks.