FX.co ★ EUR/USD Downside Reversal In Play

EUR/USD dropped below the black uptrend line announcing that the upside movement is finished and that the price will develop a downside movement. You can see that the price has retested the broken uptrend line confirming the downside breakout.

The price has increased a little but it has failed to stabilize above the 1.22 psychological level and now it approaches the 1.2141 former low. Dropping below the previous low could signal a further drop in the upcoming days. This scenario brings a selling opportunity as well.

Trading Conclusion!

Sell EUR/USD is the rate drops under 1.2140 level and use the 1.2000 psychological level as a downside target. The Stop Loss could be hidden above the previous high, around 1.2230.