EURUSD sold at bearish trend line


The EURUSD pair started to rally today, but it failed to breach the strong bearish trend line from June's highs, which leaves the intraday outlook neutral. Shortly after the US opening bell, the pair was only marginally higher on the day, hovering at around 1.1260.

The mentioned trend line is near 1.1290, and as you can see clearly from the chart, it was firmly rejected, with the following sell-off erasing all the daily gains. 

Bears will be targeting the 1.1240 level now, and if this support is broken to the downside, we could see a quick drop toward the demand zone near 1.12.

Alternatively, if the buying pressure returns to the markets, the pair could retest the trendline near 1.13, and if bulls push the euro above this level, the short-term outlook might change back to bullish, targeting 1.1340.

Sentiment is positive after the latest US labor market data, which came out well above expectations, which might be bearish for the greenback as the US dollar tends to be a risk-off currency. 
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