EUR/USD analysis

Following sharp fall, EUR/USD has been struggling for upward correction for a week. The price action has formed a weak upward moving channel. We see the pair moving in the channel until release of EU PMIs on Friday.

A proper daily close below the channel will invalidate it, so buyers must exit at downward proper* breakout.

*When a candle clearly closes beyond a pre-defined price level or line, it is a proper breakout. Size of the candle must not be less than average candle size of that timeframe.