Technician

EURUSD Facing Mutiple Resistance ~ Update

FX:EURUSD   Euro Fx/U.S. Dollar
611 0 1
A nice drop from the resistance cluster at 1.3825, grabbing price all the way back to the bottom of the rising channel just above the 38.2 retracement for the overall rise from 1. 2750             low to 1.3830 high. At first sight, the recent bearish action looks extremely bearish , however surprisingly there was no technical damage to the uptrend so far. as price remains within its uptrend channel and above first level Fibonacci retracement . Watch out for a break below 1.3460 and more importantly 1.3419 for a potential significant drop lower, that may provide good short positions, targeting initially 1.3290 and 1.3225 levels.

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