The Euro remains in consolidation mode after declining to a 16-month low against the British Pound. Near-term support is at a falling trend line set from late January, now at 0.8125. A daily close below this boundary targets the bottom of a falling channel at 0.8109. Alternatively, a turn above the channel top channel top at 0.8167 opens the door for a test of the 0.8190-0.8200 area, marked by the 23.6% Fibonacci retracement and a recently broken range floor.
Positioning is inconclusive, arguing against taking a trade on either the long or the short side. We will remain on the sidelines for now, waiting for a more actionable opportunity to present itself.