FX.co ★ EUR/USD On Declining Path!

EUR/USD is traded lower at 1.2104 after failing to approach and reach the 1.2200 psychological level. The price is traded under the red downtrend line signaling a potential further decline.

The pair has increased a little in the short term registering a lower high. It has also retested the downtrend line before dropping deeper indicating strong sellers in the short term. So, the bearish bias remains intact as long as EUR/USD is traded under the downtrend line.

Trading Conclusion!

EUR/USD is into a corrective phase after breaking down through the black uptrend line. It could approach and reach 1.2000 if it continues to stay under the red downtrend line.