EUR/USD Upside Was Invalidated!
The EUR/USD drops after failing to stabilize above the 1.1300 psychological level and above the uptrend line. Its failure to stabilize above the 1.1366 upside obstacle invalidated a potential upside continuation. In the short term, it has increased within an up channel pattern.
Dropping below the uptrend line indicates that the sellers are strong in the short term and that the pair could come back down. 1.1238 level represents a strong downside obsatcle. This level could be used as a potential downside target.
EUR/USD Trading Conclusion!
Dropping again below the uptrend line indicated strong selling pressure. 1.1280 immediate low represents the immediate downside obstacle. Ignoring this level may announce further drop at least towards the 1.1238 level.
A larger downside movement could be activated if the price drop and stabilizes below the 1.1238.
