EUR/USD has failed to resume the upside movement and now has started another leg lower. I’ve said in the previous report that it could drop if will stay within the descending pitchfork’s body. The false breakout above the 1.2041 level and above the 50% Fibonacci line (ascending dotted line) signaled an exhaustion. The next downside target will be at the median line (ml) of the descending pitchfork, actually could be attracted by the confluence area formed between the median line (ml) of the ascending pitchfork with the median line (ml) of the ascending pitchfork.
