The Euro has found support at the bottom of a falling channel support set from late April, with back-to-back indecision candles warning of a bounce ahead. The first layer of resistance is at 0.8104, the 76.4% Fibonacci expansion. A daily close above this barrier targets the 61.8% Fib at 0.8133 (a level is bolstered by the channel top). Alternatively, a reversal beneath channel support (now at 0.8074) exposes the 100% Fib at 0.8056.
The available trading range is too narrow to allow for a short trade from a risk/reward perspective. On balance, we remain on the sidelines for the time being.