EUR/USD Loses Uptrend Support

EUR/USD lost the uptrend support that characterized its trading for over a month. This trendline was successfully tested around the Non-Farm Payrolls. But now, the Euro ran out of fuel. We’re still awaiting a full confirmation. Update.

eur usd below uptrend support October 11 12

Euro bears enjoyed thin volume. American banks are on holiday to due to Columbus Day. The economic calendar isn’t crowded, and trading volume is low. After having a strong start to the week around 1.40, EUR/USD descended during the day and was trading around 1.3950.

At the late hours of the European session, it made a sharper move down. At first, uptrend support held it above 1.39, but it’s now broken – EUR/USD trades at 1.3865,  40 pips below the uptrend support that is currently at 1.3905.

The move is significant but not very strong – we’ll still need to wait and see a full confirmation of the break.

This post will be updated if necessary.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.