EURUSD has been trading above the declining channel that has been in for the last two weeks. Until now it has made three waves up. This is a characteristic of corrective waves. 1,2877 level should not be broken for bulls to have any chance of further rise in prices. The pair could be making a smaller degree wave 1-2 upwards and that is another reason why it should hold the intermediate low. I believe it has more chances to unfold as an upward impulsive move, because the decline from 1,3170 looks corrective with all those overlapping waves. Moreover EURUSD has also made a back test of the broken channel today without breaking the important support levels at 1,2877. A break below the upward sloping green line will be very bearish as this is the channel line from 1,22.
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