Yesterday (EURUSD – Break Lower Looking Increasingly Likely) I noted that despite trading in a range for much of the last month, EURUSD continues to have a slight bearish bias because it: • remained in the descending channel; • had formed a pennant during the last month (slight lower highs and higher lows); • was still trading below the 50-day SMA. Well, one of those conditions is under threat as today’s euro rally has propelled the pair above the descending trend line that it has traded below since the middle of December. It’s important to note that there has been no close above the trend line on the 4-hour chart ... (full story)