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EURUSD setting up to test/break support?

Overall momentum remains against risk traders. Today, we see moves lower from the AUD and GBP to the USD. Could the EUR be next to join to descent lower? So far, the EURUSD has been doing an excellent job of resisting, but the tide looks firm atm with US inflation remaining at 40-year highs. Australia and the UK have their own inflation issues, which is what makes the EUR so interesting at the moment.

I can’t help but notice the series of LHs that continue to stack up on the EURUSD daily chart. If USD demand can continue, we are looking for a new test of support that we discussed in our last E/$ report. If we see a break, we will be looking for the current trend to continue.

Good trading