• EUR/USD short term trend is neutral to bearish • Long term trend bullish and intact as long as we are still above 200 MA • Following strong rally, sellers broke the ascending trend line and are now trading inside a descending parallel channel • Descending channel looks like a flag, a continuation pattern • Meaning, most probably buyers will break above it and resume the up trend • The pair is in correction mode, the drop stalled at the 38.2% • Next resistance: R1: 1.0730 R2: 1.1030