this weeks eurusd analysis, page-22

This hourly chart shows the Current state of the EURUSD pair, coming in to the end of the US session.

I see two potentila larger channel possibilites (downsloping)

The solid lined channel has had an interesting hit of price coinciding with the 121% fib extension of the tirst leg down on this timspan.

As mentioned by other posters the 1,35 level is very important, and a break of this during the night and a retest of this level just occurred provides a potential short right now using the 1.35 level as a get out clause if price does begin upside.

At this stage I am content to watch and see what unfolds.. i am more long oriented than short though whatever price does will help me dictate moves to capture it.

But to the longside, note the Higher lows forming on the MACD moving averages on this timespan, and that in the current downleg, as in the previous it is not too hard to see a potential 5 wave pattern near completion.

;)