EURUSD Holds Steady After Rebounding Off the Trend Line

The euro was trading rather flat, posting just a 0.09% decline on Friday.

Price action is steady above the 1.1800 level after managing to rebound from the long trend line.

If the current momentum continues, then we might see a retest of the 1.1900 handle.

With Fed Chair Powell due to give the semi-annual testimony to Congress, that might be the catalyst for the euro to breakout higher.

To the downside, the trend line is likely to slow down the declines.

Still, the euro will need to break past the recent lows and below 1.1715 in order to start a correction.

Test your strategy on how the euro will fare with Orbex - Open your account now.