Trend line support at the 1.0970
The EURUSD has moved down to the lower trend line target at the 1.0970 level (see earlier post here). That trend line connects lows from Dec, March, April. The low today just reached 1.0975.
Is it a buy here?
There may be some buying against the line as risk can be defined and limited. However, today has been breaking through support levels. So be careful.
There is another trend line from the weekly chart that comes in at 1.0948. That would be the next target on more selling in the pair.
Drilling to the 5 minute chart, the 109.84 area was an intraday floor that was broken and led to lower levels in the EURUSD. If the price corrects, that area will be eyed as resistance now. if the buyers are to take the smallest of control back, they need to get and stay above the 1.0984 level now.