Forex Trading: EURUSD Bouncing Off Channel Trendline Support
The EURUSD has found a floor for the time being against the bottom channel trendline on the hourly chart. The price action over the last few days has showed a downward bias, but it has not been without its share of up and down activity. Therefore, I am not surprised to see a bounce back off the support area defined by the downward channel. On the topside, the 38.2% of the last leg down has resistance at the 1.3096 level. A move above this and the 1.3108 level (50% and the low from the asian session) should take some of the bearishness from the morning away from the market.
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