EUR/USD Continues To Consolidate, Testing Trendline Support

The EURUSD tested the trendline support, currently at the 1.4534 level.  The low reached 1.4519 on the hourly, but the price did not close below the line. We will give the failure the benefit of doubt this time. However, a break below again should lead to further downside pressure. Keep an eye on the level.  The downside will be confirmed with the break of the last low at 1.4519.

A move lower should look to target the 38.2% retracement level at 1.4443 and the 100 hour MA, currently at the 1.4428 level.

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