The Euro traded in an upward channel against the Dollar towards the end of last year. After breaking above the range, it decided to return to the confines of the channel. After once darting through resistance, the pair used this level as a support foundation.
Currently we see EURUSD trading at a point-of-return located at this resistance-turned-support.
Traders may want to look for a daily confirmation below this point as a strategic short-entry point. Of course, one might see a daily confirmation pointing upwards. Such a scenario could warrant a temporary pullback higher.
