The pair EUR/USD felt yesterday after a fake return above 1.30. The price has validated the breakout of 1.2950, giving us a new sell signal. This morning, the pair is testing the next major support at 1.29 The pair is close to the center line of its medium term bearish channel (orange lines on charts - draws more visible on last analysis) and is also close to its short term bearish slant (yellow orange line on the 1h chart).
The medium term bullish channel (pink lines) is no longer valid. A pullback on the lower band of the channel has occured yesterday and the price now extends its channel output movement.
I still advise traders to trade only short positions below 1.30. A break of 1.29 will offer a new sell signal for an extension of the bearish rally towards 1.2850.
In case of return above 1.30, we will advise to stay flat between this level and 1.3050 (return into the medium term channel).
The pair EUR/USD has validated a return below 1.30 last Friday, giving a new sell signal. The price has found support 1.2950 this morning. The pair is above its medium term bearish slant (orange line on the 1 hour chart) and now below the lower band of its bullish channel (pink lines).
I still advise traders to trade only short positions below 1.3050. A break of 1.2950 will offer a new sell signal for an extension of the bearish rally towards 1.29.
In case of return above 1.3050 (return above the lower band of the channel - pink lines), traders could then trade long positions.
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