EUR/USD is having a strong downtrend these days inside the marked blue bearish channel.
Last Monday Support level 1.2666 held the price above prevented further decline of the pair and pushed the pair up to 1.2810.
Yesterday we witnessed another decline to visit support level 1.2666 which showed bullish presence again.
Now we are expecting a double buttom reversal pattern formation with low at 1.2666 and neckline at 1.2810 with its confirmation it targets 1.2945.
Area between 1.2920 - 1.2945 is a strong resistance which is the upper limit of the bearish channel, Fibonacci level 61.8% & the target of the possible double buttom.
Based on the previous analysis
In order to benefit from the expected double buttom level, Buying around 1.2730 or after closure above neckline 1.2815 is considered good with final TP at 1.2945 with SL break of the low at 1.2666.
In order to follow the main downtrend, SELLING around 1.2929-1.2945 will be good with TP at 1.2855, 1.2805, 1.2745 then 1.2670 with SL daily closure above 1.2950.
