Last week, we noted that that the world’s most widely-traded currency pair was rising within a near-term bullish channel and looking to retest key resistance in the 1.0770 area. As the updated chart below shows, EUR/USD did indeed retest that area, but bulls were unable to muster enough strength to push the pair above it. Now, EUR/USD has definitively broken down from that channel and is within about 20 pips of previous-resistance-turned-support in the 1.0640 zone. The idea that former resistance levels, or ceilings on price, can turn into future support levels, or floors under price, once they’re broken (and vice ... (full story)