Technical outlook and chart setups:
1. The EUR/USD pair has finally tested and reversed from 1.3770/80 levels. The multi month trend line support has also been broken and tested, as seen here. It is recommended to initiate short positions now (1.3650), and also add further on rallies.
2. Immediate resistance is 1.3800, followed by 1.3890, while supports are spread through 1.3500, followed by 1.3300 and 1.3200 respectively.
3. The structure reveals that the pair might have formed a major top at 1.3890 and subsequently a lower top at 1.3780/90. The minimum implications from here is into 1.3500's and then 1.3000's.
Trading recommendations:
Initiate short positions now, stop is at 1.3850, target is open.
Good luck!
