EURUSD Wait For Downside Breakout

EURUSD is in a downtrend in higher time frame (Daily).

In the 1H time frame, we see a very strong bearish pressure on EURUSD at this moment. Price is bouncing in the correction ascending channel and has been rejected from the upper level and is dropping sharply.

Currently, price is approaching to the lower band of channel and also to the support level at 1.04690.

We should wait for the downside breakout on the channel’s lower band and the support level, then enter a sell position below 1.04690 with a target at 1.038

Note: Because the downside move is very sharp in the channel, entering buy position at the channel’s lower band is not recommended.