As previously posted, the Euro continues in a very strong long term down trend movement. Actually, it is slowly moving down inside a very well defined channel observed on the daily chart.
In last few weeks, the pair has actually been consolidating and my opinion is that it will recharge its downward move once it reaches the upper trend line of this channel. It has encountered strong resistance and doesn't seem to have the strength to take out the 1.32 level at the moment.
There is a pragmatic support @ the 1.30 level which will most likely be taken out once price gets the bounce from the channels upper trend line.
I would favor short entries on this pair at the moment.
EURUSD inside a very clear decending channel.
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