Retesting of the broken channel took place last week failing to fixate within the broken channel again & is moving within the newly formed bearish channel marked on the chart.
Bearish reaction towards the lower limit of the broken bullish channel & the upper limit of the bearish channel opened the way to support level 1.3030 which showed bullish presence that pushed the pair to retest the upper limit of the newly formed bearish channel again, so the pair is still trapped within the consolidation range 1.3030-1.3215.
Selling is still suggested as long as the EUR/USD currency pair is consolidating within the newly formed bearish channel and below resistance area 1.3215-1.3235.
Sellers should take profits at 1.3105, 1.3060 then 1.3000 with possible further targets to be mentioned later.
Price action towards 1.3030-1.3000 should be watched in order to determine the next target for the pair, as its break will lead to 1.2950 then 1.2850.
Failure to break 1.3030-1.3000 pushes the pair towards 1.3150-1.3200
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