EURUSD once again got rejected at the upper falling trendline in the falling channel pattern it has been trading for the past three months
Breaking above the falling trendline is minimum requirement for EURUSD to have another go a the strong resistance at around 1.0635.
If EURUSD instead is sliding back below 1.0490 i.e., last week’s lows the bearish trend is resuming likely sending EURUSD to close below 1.0480.
From the weekly chart we can see how important the 1.0480 support is. A weekly close below is quite likely to fuel a sell-off down to around 102.20