EURUSD trades to another new 2021 low

... But sees a modest rebound

The EURUSD has fallen for five consecutive days (working on it sixth - the close was at 1.13195). Bearish.

From the November 9 swing high, the price has declined around 350 pips from the high to low. The low price today reached 1.1267 - the lowest level since July 10, 2020.

Looking at the daily chart, the move saw the price extend below its falling trendline currently at 1.1300 and the 61.8% retracement of the move up from the March 23 low at 1.12876. However, those breaks have since been retraced with the price currently trading above the 1.1300 level at 1.1310. Some dip buying/profit taking.

Looking at the hourly chart, the corrective high off the low has peaked at 1.13315. That is still short of its 38.2% retracement of the move down this week which comes in at 1.13389. The price DID move into positive territory for the day above 1.13195, but has since dipped back below.

Overall, yes.... there is failures below the trendline and below the 61.8% retracement at 1.1300 and 1.12876 respectively. However getting above the 38.2% retracement of the last move down is a minimum retracement to show the buyers are taking back more control. Absent that and the correction is just a plain-vanilla variety.