EURUSD: Short-term technical positioning remains negative

Despite the recent rebound, the structure of lower highs and lower lows is still in place as price is trading within a short term bear channel as well, that comes after a successful break below the main rising trend line for the wave started from July 2013. If the bearish scenario plays out, we will probably see a push back towards the 1.3400 level near the 200-days SMA. Holding back above 1.3700 may start to damage the bearish configuration.

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