EUR/USD shows rebound from trend line support

Join March 2015 low and April 2015 low and extend the trend line and that is the glue dotted line on the EUR/USD daily chart below

EURUSD D1 (03-22-2016 1835)

Spot found support at the trend line levels and has recovered to trade around 1.1225 levels.

Intraday day outlook

  • The sideways action should continue after having rebounded from trend line support around 1.1190 lvls.
  • Bullish break is seen abv 1.1254 (5-DMA + multiple key FIbo levels). The subsequent move cud be extended to 1.1285-1.13 lvls.
  • Conversely, another failed to attempt to cut thru hurdle at 1.1254 wud increase odds of a slide below 1.1190 levels.
  • Overall, the pair is yet to define a trend and that wud happen only in case of daily close abv 1.1376 lvls.
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