EU was in an ascending wedge after breaking a descending channel in late April. Price recently broke out of that wedge to the downside Friday morning. Price has since then retraced 120 pips. I believe price will consolidate before continuing downward.
EU has been in an uptrend since the beginning of April, currently price sits at a resistance level around 1.22458 . This level has not been seen since February 25th. I believe price will return to the bottom of the upward channel it is currently in before breaking that through that resistance to continue its upward trend.
