In yesterday's analysis, I discussed about the potential selling opportunities if price has a second rejection off 1.2345 zone (double top) with 1.2310 & 1.2270 as targets , which was exactly what the market performed. EU has broken the channel formation yesterday, but do be aware of potential fakeout scenario back towards the upside as the downwards breakout of 1.2270 was weak as compared to the wide range. Currently, will be looking for short-term buying opportunities back above the channel formation ONLY if price stays above 1.2270 zone, with a re-test setup (probe). However, if we see further weakness in EU, we could expect short-term selling opportunities breaching 1.2246 (yesterday's low) with 1.2179 as the initial target. Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
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Trade safe.
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