The bulls failed to control the chart yesterday and the bears were in charge. When reaching the lower line of the channel, the bearish trend stopped and started to grow again.
The fundamental reports will bring some volatility to EURUSD. The US GDP for the third quarter is going to be released. An increase is expected after the previous decline which will support the US economy. As the European interest rate is remaining unchanged, there is a high chance of USD growth against EUR. Before the Election USD remains neutral.
The support rests at 1.17330 with resistance at 1.17690 which both lines are below the weekly pivot point at 1.18150. The indicators are showing mixed signals but the Stochastic is moving in middle ranges.
The support level breakthrough will smooth the way for further decline towards 1.16950.