EUR/USD was capped at 1.3282 forming a channel down formation on the 1H chart. The pattern has 63% quality along with 85% magnitude in a 77-bar period.
Pair decreased from its one month high at 1.3282 to the support around level around 1.3121, then slowed near resistance at 1.3151. Present bias on the 1H timeframe remains bullish, which could lead to a possible resistance level breakout. If the price breaches the resistance level at 1.3151, the first target for long traders could be around 1.3201, where the SMA200 lies.
SMA200 is started to decrease which leads to the possible trend change, while on 4H timeframe bias stays neutral. Bears may focus their attention on the current resistance level at 1.3151. If the price recoils, the initial target for short investors might be at 1.3106, and the second target at 1.3049, where the pattern's support level stands.