EUR/USD breaking lower from channel
EUR/USD is heading lower this morning dropping out of a rising channel. Given the sharp rally at the back end of last week, this current pullback seems like a breather before the pair charges higher once more.
However, should we see the pair break below the $1.1635 level, it would point towards a more protracted move, with the Fibonacci retracements drawn from $1.1479 coming into play. On the other hand, should we not break below $1.1635, it would point towards simply a slowing of the uptrend rather than a protracted break from it, with further gains likely to ensue.