EUR/USD: Down-Trend Meeting Major Support

The EUR/USD pair has sold off sharply and reached major support from the lower line of a large descending channel visible on the monthly chart, at 1.0650.This is such an important support line that the pair will probably consolidate at this level or possibly even bounce.If there is a break lower support from the S3 monthly pivot, situated not far beneath at 1.0583 would probably provide a substantial obstacle to further downside. It is rare the S3 is touched and even if it is it lies at such an extreme that traders should exercise caution in following the trend lower. A move below 1.0563, however, could signal an extension, possibly to round-number support at 1.0500.

EUR/USD Daily Chart

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