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Euro Still Weakening, But Trend Line Support Could Hold
Posted On 07 May 2020
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The euro lost the 1.0818 handle as it extended declines from the previous session.
However, prices are now trading near the trend line form the daily chart.
Overall, the EURUSD is consolidating into an ascending triangle pattern.
However, this will depend if the common currency can stall further declines. If the trend line breaches strongly, then we expect the downside to continue.
Alternatively, if EURUSD posts a reversal near the trend line, we expect price action to retrace the declines. This will see a potential move back to the 1.1000 handle.
