EUR/USD: Support Remains at March 24 Low

EUR/USD-Daily Chart

• The EUR/USD is getting near the March 24th low and will likely find support near it.
• The channel down is tight, which increases the risk of any reversal being minor.
• The selloff from the May 4th high is a breakout on a higher time frame. This means the selloff can go much further than what seems likely.
• While the market will probably bounce at the March 24th low, traders must be open to the idea of the selloff reaching the March 15th low and possibly breaking below.
• More likely, the market will bounce before the March 15th low.
• The bulls need to develop more buying pressure to stop the bear selloff. They will likely need a double bottom with a decent trendline break of the May 4th selloff before they have a credible swing buy.

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