The EUR/USD is making a slight pause within the downtrend channel prior to the NFP news event later today. Price is now testing a key resistance zone of the channel and local resistance. A bullish breakout however will probably soon find new resistance spots at the Fibonacci levels of wave 4 (green).A bearish bounce could see price fall towards the Fibonacci targets of wave 3 (blue) whereas a bullish breakout above the 50% Fib could put the downtrend into question.
The EUR/USDis hitting multiple resistance levels, which is a new bounce or break spot. Depending on how the NFP event develops, price will either continue with the downtrend or build a larger correction.
