The EURUSD has moved to new lows as selling accelerated to the downside. The price correction held the 1.4339 level (50% of the move up from June 27th) and failure to get above, kept the bears in charge. The price remains below the channel that started yesterday and the price could not re-enter the channel this morning on the correction (see chart above). The bias remains to the downside as long as the price remains below the 1.4339 level.
Looking at the shorter term 5 minute chart, there may be a reason for a corrective rebound, however. The price held the channel trendline at the lows and as long as the price holds this level, traders might feel inclined to take some profits. Understand, however, that the trend is down and that if the price moves below, get out. Also the rallies are likely to have sellers if the price approaches the top trendline in this channel at the 1.4325 level.
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