EUR/USD: bearish moves will continue after a mild correction

As it can be clearly observed from the H8 timeframe chart, the price has rejected the upper boundary of the descending channel plotted on the graph that lines up with the 61.8% Fibonacci retracement level. To add more confluences, the same zone aligns with a previous area of support now turned into resistance (previous Lower Low).

While the price has broken the barriers of the 1.027 key zone, it has not re-tested it. Thus, we are waiting for the price to re-visit that specific area and re-test it before dropping all the way till the current Lower Low level.

Happy trading, everyone!