EUR/USD is still trapped inside a narrow consolidation zone between 1.2870-1.2660.
Last Friday, EUR/USD recorded a low at 1.2623 further below the consolidation zone lower limit. However, immediately it came back inside the range again.
The EUR/USD is now approaching the upper limit of the long-term bearish channel established in last October.
The pair is also having a considerable resistance area at 1.2890-1.2945, which is a 61.8% Fibonacci level, and also the previous broken daily lows.
Bearish price action towards this resistance area 1.2890-1.2945 gives the opportunity to SHORT the pair with SL placed above 1.3000.
However, its break will open the way directly to 1.3075 which, if broken too, will reach up to 1.3190.
The current mid-term bearish direction and trend of the pair, beside the bearish weekly closure last week, enhances the bearish side of the market.
It's important to mention that the pair has a good support around 1.2600-1.2585, which is a significant previous weekly low.
