EURUSD technical picture suggests move to 1.3050
There are 3 clues that hint EURUSD may head towards 1.3050.
Clue #1 – Downward equidistant channel
Monthly chart shows downtrend clearly defined by an equidistant channel with a completed 1-2-3-4 retracement pattern.
Clue #2 – Support still some distance away
Based on the weekly chart, EURUSD support is still a distance away with a 50% fibonacci retracement at 1.3020-50 approximately.
Clue #3 – Pennant pattern suggest continuation
Daily chart broke out of a pennant pattern, a typical continuation pattern, suggesting further downside.