EUR/USD drops right now after failing to stay above the uptrend line. The price has increased within an up channel but it has signaled overbought lately and the pair has failed to approach and retest the upside line.
Dropping below the uptrend line signals that EUR/USD could develop a corrective phase, downside movement. In the short term, the price could come back maybe to test and retest the uptrend line before dropping deeper.
Trading Conclusion!
Today's aggressive drop below the uptrend line signals that EUR/USD may drop towards 1.2100 psychological level and down to 1.2000 psychological level.
EUR/USD should drop if it fails to come back above 1.2200 psychological level.
