According to the Linear Regression Channels illustrated 1H Chart for the EUR/USD currency pair :

Last week, the EUR/USD pair experienced quick bearish decline between Price Levels around 1.2820 reaching Price Levels around 1.2500. Since then, the pair has been moving sideways within the depicted Yellow channel.

The EUR/USD pair has an Intraday Resistance Level located at 1.2550 ( the upper limit of the Violet channel & the mid-line of the Yellow one ) which needs to be broken in order to resume bullish retracement towards 1.2610 initially which if broken too, will allow the EUR/USD to extend its bullish targets up to Price Level 1.2700.

The EUR/USD pair has an Intraday Support Level located at 1.2490 ( the lower limit of the Yellow channel ) which constitutes the last bullish defense line in the short-term perspective. However, its breakdown will possibly initiate another bearish swing towards 1.2450 initially.

This manifest sideway movement may indicate possible bullish retracement especially after the prolonged downside movement witnessed this month. However, Breakdown & Fixation below 1.2480 invalidates this scenario for now.

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