Another local lows and highs are the simplest definition of trend. On EURUSD we can see bearish one. The pair broke support located on the level of local low. We wait for re-test.
EURUSD is in bearish trend since beginning of the month. During last few days trend line was tested few times, it is now the strongest resistance on the screen. However during depreciation we saw situations where price was breaking support located at the level of previous low.
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Decreases lost their momentum as it happens in every trend. The corrections were stopping right in the broken areas. You can see it on the screen.
Yesterday’s Yellen speech quite strongly supported dollar what makes probability of decreases quite high. To ensure that we should wait for correction of last candles. Another test of red resistance level should be a good place to sell EURUSD.
