1.1330 support tested but the bounce ain't meowing
I didn't like the look of the picture in EURUSD late yesterday and those thoughts turned to reality today as the euro broke down through support around the 200 H4 ma at 1.1364.
By a pip or so the support at 1.1330 has held, though the bounce isn't overly convincing so far and resistance is coming in around the break point.
EURUSD daily chart
There's still plenty of support below 1.1300 to keep buyers interested and this little knockout of support might relieve some of the pressure. Time will tell.
While we stay below 1.1360/65 another visit to the lows beckons, and that will bring a test of 1.1300 if it breaks. The bullish trend from late last year remains intact and won't be questioned at least until the 38.2 - 50.0 fibs of the move is tested.
That might happen if US retail sales deliver a super hawkish punch for the Fed.
