The EUR/USD has almost transverse Yellow channel indicating sideway consolidation that EUR/USD has been trapped-in within this week. However the Violet channel is steeply bearish due to yesterday's quick bearish movement from 1.2695 down to 1.2520. Now we can notice that EUR/USD has been able to break the upper limit of the Violet channel after failure to fixate below the lower limit of the Yellow channel at 1.2525 which indicates a possible bullish movement towards 1.2650. Price Level 1.2650 constitutes a strong Intraday Resistance Level for EUR/USD as it corresponds to the mid-line of the Yellow channel and previous broken Support Level where the price action should be watched for a valid bearish opportunity. The current short-term view for the EUR/USD remains bullish as long as the pair is trading above 1.2510 with TP at 1.2650.
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