EUR/USD bearish pattern started from 1.24 (19/04/2018 high) continues, trading within downtrend channel. The pair is heading along the 1.2060 range. The pair is currently trading at mid-January 2018 low. Hourly support and resistance are given at 1.2028 (11/01/2018 low) and 1.2323 (17/01/2018 high). The technical structure suggests further short-term downward trading moves.
In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).