Bearish: Euro /USD breaks upward and continues downward. This currency pair is in a longer term downtrend which supports the validity of the smaller time scale downtrend. If the red support line breaks, another downward move may follow until next resistance. This would be the trade to look for!
Comment: Bullish play: if the price action follows the red line and breaks through the large volume area shown the horizontal price volume (also shown by horizontal resistance at last high), the price may break out into an uptrend and head upward towards resistance on a larger time frame.