EUR/USD found resistance at the intermediate line of both blue & yellow channels represented in the current bearish engulfing 1H candlestick.
It's important to mention that our view for the pair is bearish based on classic technical analysis & we have suggested a short position yesterday which is running in profit now targetting 1.2850.
Now the pair is testing the lower limit of both yellow & blue channels presenting an opportunity on its break to the downside to resume its downside movement.
Break of this lower limit and closure below 1.3025 will open the way to 1.3000, 1.2975 then 1.2945.
SL for this intraday short position should be placed above 1.3110.
