Euro falls to session low in back-and-forth session. What's next

Technical Analysis

Author: Adam Button | eurusd

Euro now down 20 pips on the day but it's been choppy

The theme for EUR/USD for most of today was a steady downtrend but that was interrupted by a flurry of broad USD buying at the US stock market open.

The trend has reasserted itself now and EUR/USD has broken the earlier low and touched the worst levels of the day. At the moment, minor bids at 1.0550 are containing the damage.

In the short term, a rough head-and-shoulders top has formed. It targets a retest of 1.0500.