The daily EUR/USD has, by trading below the support of the 34EMA Wave, transitioned out of the uptrend. The question however remains whether or not the current weakness reflects an early look at what could become a downtrend or whether it's simply a wide, sideways trading range that is developing. Consider that the April 18 low at 1.4157 and the Thursday session low at 1.4123 could be a support area for a distribution market phase. If this is the case, the daily chart is in distribution and the support within these two lows will be faded (bought). One way to confirm an oversold environment would be to use a 21/1/3 ... (full story)