EUR/USD is having a downtrend making lower highs & lows inside the marked bearish channel.
Today, After recording a low at 1.2666 the pair shows some bullish power presented in the 4H hammer candlestick & the following bullish candlesticks.
This indicates retracement and profit taking. However, we focus on short opportunities in this downtrend.
The pair has a strong resistance level at 1.2860 which is 50% Fibonacci level of the swing between 1.3080-1.2666, last week's low & Last January's low also.
So this gives a good short entry at 1.2860 with TP at with TP at 1.2805, 1.2757, 1.2705 & 1.2630.
SL should be 4H closure above 1.2965.
http://instaforex.com/forex_analysis/47721/?x=OUE
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