The bears tested the level of support but failed to break through it. So, at the moment, the pair is trading in the sideways channel. The level of resistance is also strong, and the pair returns to the flat channel everytime it tries to break through it. Overall, the downtrend prevails on the pair. The bears are steadily pushing the price to the downside and the bulls are unable to resist. The bulls hasn’t gained such a strong momentum yet.
Let’s check the technical picture on the EUR/USD chart.
For the pair to continue its downtrend, it will need to break through the support level of 1.1261 and settle below it. In case the bulls assert their strength, the pair will bounce back and move up to the resistance at 1.1289. On a strong momentum, the price may advance even higher and will begin the uptrend. Otherwise, the pullback is possible. Then the price is likely to stay hovering in the flat channel for a while.
It is better to open long deals within the major trend.
It's also worth placing positions after the price breaks through the support or when it hits the upper boundary of the flat.
I wish you more profits and no losses!